Indiana District Minister's Retirement PROGRAM
A Ministry of the Minister's Wellness Fund
The Indiana District Assemblies of God partners with our ministers to prepare for retirement and to position our churches for healthy transition when that time arrives.
We assist our ministers and churches in retirement planning primarily in two ways:
ENROLL IN THE PROGRAM
To participate in the program, you must be
a qualifying Licensed or Ordained AG minister
in good standing with the Indiana District AG.
Please read the instructions carefully.
STEP 1
Please complete the district opt-in form.
This lets us know you want to participate in the program
and it tells us whether you want district contributions to be sent
to either AG Financial or Church Extension Plan.
STEP 2
Open a 403(b) account with either Church Extension Plan or AG Financial.
If you already have an existing account with AGF,
please note that AGF does not require you to complete Step 2.
If you already have an existing account with CEP,
please note that CEP requests completion of Step 2.
If you wish to open a new account with either CEP or AGF,
please select one of the buttons below to proceed.
If you are age 70 or older, CEP is the only option available for a new account.
FAQ
Q: When will the retirement program take effect?
A: The program will begin January 1, 2025. Minister's who have enrolled by December 31, 2024 will receive their first monthly 403(b) contribution around February 2025.
Q: How does the program work?
A: Once a minister has opened enrolled in the program, IDAG will make a contribution on behalf of the minister to his or her qualifying 403(b) account. Contributions are an amount equivalent to 20% of the minister's tithe in the prior month. Please allow up to two months to see the contribution reflected on your statement.
Q: How can I enroll in the program?
A: Complete the two steps mentioned above to (1) opt-in and (2) set up an account with CEP or AGF.
Q: If I already have a 403(b), may I use it?
A: If you already have an existing account with one of the two authorized institutions (CEP or AG Financial), then you can use it. Simply complete the application above and a representative from the institution can assist you with connecting it with our program.
Q: How do I know whether I qualify?
A: Ministers who qualify for the program must meet the following requirements: (1) Must be a Licensed or Ordained AG minister in good standing in the Indiana District; (2) Must have an account at either CEP or AG Financial; (3) Ministers who are over 70 years of age may only participate through CEP; and, (4) AGWM and US Missionaries, Certified and Senior Retired ministers do not currently qualify for the retirement program.
Q: Can I choose the funds within my 403(b)?
A: Yes. CEP and AG Financial have many investment options available for you to choose from. The Indiana District does not provide financial advice or advisors. However, CEP and AG Financial can help guide you on fund selection.
Q: What if I am already maxing out my retirement contributions?
A: Ministers in the program agree to monitor their own contribution limits and work with their church boards and financial advisors to determine the best course of action in order to meet IRS requirements.
Q: Since the Indiana District is not my employer, how can they make contributions on my behalf?
A: The IRS Code 403(b)9 allows denominations, conventions and church associations to make contributions on behalf of their members. Both CEP and AG Financial have created programs for AG districts that have been developed by their attorneys.
Q: If I transfer out of the Indiana District, what happens to my account?
A: A 403(b) account is your account. While you would no longer qualify for participation in the Indiana District program and receive contributions on your behalf, your 403(b) is still your account. You can contact your new district or network for information about what program they may offer.
Q: Our church board would like more help in structuring our pastor's pay and benefits. Does the Indiana District provide assistance or training for church boards?
A: Absolutely, yes! We are thankful for the opportunity to meet with your leadership, either in person or by a virtual meeting to help them work through the process of designing their compensation and benefits. We also provide broader training resources for ministers and church boards regarding church governance and administration, legal and financial matters, policies, and risk management. Please contact our office for more information.
Q: Am I allowed to switch between the two endorsed providers or do rollovers?
A: This is allowed only one time per calendar year according to the retirement program adopted by the Indiana District Executive Presbytery.
