Frequently Asked Questions (FAQs)

Who is eligible for Life Rewards?

• Current employees of Assemblies of God churches or ministries, or
• A credentialed minister with the Assemblies of God.

  i. If a person is a credentialed minister but not receiving income from a non-profit ministry, they would be able to transfer an existing retirement account into Life Rewards, but they would not be able to make contributions.

  ii. If a person is a retired credentialed minister they may transfer funds from another qualified retirement account to Life Rewards. They may designate all or a portion or their withdrawals as housing allowance.

Does CEP offer another retirement option if I don’t qualify for Life Rewards?

If you are not eligible for Life Rewards, you may be eligible for Church Extension Plan's Individual Retirement Account or Vision Individual Investments.

How much can I contribute to Life Rewards?

The maximum contribution for 2007 is $15,500 or 100% of taxable ministry compensation, whichever is less. Please see Retirement Rules for further information.

Can I take distributions out as Housing Allowance?

Yes, retired ministers can potentially designate all or a portion of their withdrawals as housing allowance. (Housing allowance must be designated with Church Extension Plan prior to the withdrawal.)

You decide where your funds are invested. There are four investment funds, each reflecting a different level of risk and reward. You can put all your money in one fund, or divide it up any way you choose. Plus, Life Rewards is an “open” plan, which means you can make changes at any time.

How often will I receive statements?

Life Rewards statements are sent out monthly.

Does Life Rewards charge any fees?

Yes. Life Rewards has a maintenance fee of $7.50 per quarter. This quarterly fee allows for participants to open an account mid-way through the year without having to pay the full yearly fee.

What kinds of accounts can I transfer to Life Rewards?

Existing 403(b) accounts
IRAs
401(k)s
Other qualified retirement accounts.

When can I take a distribution?

You normally cannot take distributions until you retire after age 62. However, you may be able to take distributions earlier if you separate from service, are over the age of 59½ or incur a financial hardship. Please check with our plan administrator to discuss your distribution options.