Overview for Employers
The Master’s Plan works with Churches and 501(c)3 ministries to design and maintain retirement plans that cater uniquely to each church or ministry it serves.
A church, or a church-controlled organization, can adopt a plan for the pastor/minister/priest and any employee who receives earned, taxable income (W-2). This would include full and part-time employees, worship pastors, office personnel, day care employees, etc. Even if the church runs a day care or school, teachers and school staff are eligible. Basically, anyone who works and receives earned income and a W-2 at the end of the year from the church or church-controlled organization is eligible under the church plan.
For ministries and non-profit organizations that are not affiliated with a church, there are additional requirements for eligibility. Due to the varying nature of organizations, and the regulations that apply to each unique organization, we encourage you to call to explore eligibility.
Getting started is as simple as making a phone call.
Start offering a biblically responsible 403(b)7.
As the employer, there are many decisions to be made to best serve your employees. We will help you understand decisions regarding:
Where to Start
You can relax knowing you are not alone. We will walk you through the entire process – you have a friend at your side. If you have a financial planner or advisor, we will work directly with him or her in preparing your plan documents. We are also available to work with your employees in the application and enrollment process.
You can check eligibility based on the type your organization.
Resources for ministers/clergy
What You Can Expect During Setup
The 403(b)7 is an excellent benefit for a ministry to offer its staff members. At the informational meeting be prepared to discuss vesting schedule, minimum age limits, types of withdrawals, contribution limits, employer matching, etc.
When eligibility is established and the plan is adopted, communicating to staff begins. Notification should be sent to each eligible staff member or employee inviting participation. Ideally, the interested staff members should be informed in writing about the Master’s Plan and directed to their website.
Once the staff member has committed to the employer’s plan, the employer will automatically start withdrawing contributions. All of this information will be included in the signup process.