Plan Overview
Plan Oversight
Your BFC Retirement Plan Oversight Committee (RPOC) is responsible for all actions and decisions concerning the BFC Retirement Plan administered by Envoy Financial.
Each quarter the RPOC meets to review the plan, its investments, and associated services. The primary purpose of your RPOC is to not only provide legal protection for the denomination but also to increase the value of your church’s investment in the plan. Good stewardship of the plan through wise oversight and engagement results in increased preparedness, greater understanding, successful retirement, and higher value.
The Minister’s Housing Allowance is one of the greatest tax benefits available to ministers. As an ordained, licensed, or commissioned minister, you can receive a portion of your compensation as Housing Allowance. That portion is excluded from your gross income and therefore not subject to federal income tax. This represents substantial tax savings for you.
Further, when you retire as an ordained, licensed, or commissioned minister, a portion of your 403(b)(9) retirement plan distribution can be taken as Housing Allowance, providing additional tax savings in retirement. To retain the benefit upon retirement, do not transfer any of these funds to an IRA. This unique benefit enhances the BFC Retirement Plan.
Housing Allowance At Retirement
The Importance Of Getting Started
Without the proper motivation, opportunity, and support, many will never start or maintain a retirement account. A bolder perspective on retirement can offer greater purpose, excitement, and impact during your last quarter.
For most “retirement” is when you cease working and focus on yourself. However, God never calls us to stop loving and serving others. In fact, retirement can provide you with more time and financial freedom to serve God in new ways. The BFC Retirement Plan offers tools and encouragement to help you both envision and fulfill the future God has chosen for you.
Preparation
Will you have enough? It all depends on what you do now. Preparation is a process and not just an investment. The BFC Retirement Plan’s easy enrollment, on-demand education, equipping resources, and interactive evaluation tools provide the investment knowledge and confidence you need. Once enrolled, you can review and make changes to your account 24/7.
Learn more about the retirement process and investing by reading “Moving Forward: Putting Your Future Funded Ministry into Motion” for free. Click here
Investments
Everyone has the opportunity to invest well. BFC’s Retirement Plan uses open architecture and a unique menu creation/selection process to create and maintain your investment menu. Investment selection is made easy. You have the option to choose your investments or to be guided by an exclusive investment analyzer. Your investment menu is reviewed quarterly by the BFC RPOC.
Calculating Your Retirement Savings
As you plan for retirement, you will want to estimate and review your projected income annually. The income will reflect the results of up to three components added together:
BFC Retirement Plan Distributions
Other retirement savings from you or your spouse, including Social Security
Other investments
Retirement For Your Church Staff
Under the BFC Retirement Plan, you are encouraged to include your church staff. The church may make a contribution to the plan, or it can be 100% voluntary. The additional administration effort is small and the rewards are great.
One-On-One Support
The BFC Retirement Plan offers Priority Customer Service through Envoy Financial’s one-on-one support. Your questions will be answered by friendly, faith-based professionals on the first call. In addition, you can use online customer service chat and access the convenient online help center.