The Benefits of Consolidating Your Retirement Accounts

As UCC clergy, lay workers, or caregivers, taking the time to track or manage multiple retirement accounts from previous places of employment can be confusing and time-consuming, especially when your primary focus is either on ministry or those under your care.

By consolidating your retirement accounts, it’s easier for you to track your retirement assets, contributions, and withdrawals, allowing for a more simplified way to manage your accounts in one place.

Through the Pension Boards, you can roll over your retirement contributions, moving funds from one retirement account to another, without incurring taxes or penalties.

If you are a member of the Lifetime Retirement Income Plan for the United Church of Christ, you are eligible to roll over any other existing accounts such as IRAs, 403(b)’s, 401(k)’s, or other pre-tax retirement accounts into the Plan. You may also withdraw any money you roll over or turn it into monthly lifetime retirement income payments at the time of your retirement.

Some other benefits of consolidating your retirement accounts include:

• Streamlined Asset Allocation: With all your Pension Boards’ assets in one place, it’s easier to maintain a cohesive investment strategy that aligns with your risk tolerance and retirement goals. This approach can help you manage your asset allocations more effectively.
• Easier Required Minimum Distributions (RMDs): The IRS-required Required Minimum Distribution (RMD) is the minimum amount you must withdraw from your Lifetime Retirement Income Plan upon reaching the required age set by the IRS. If you have consolidated your retirement account(s) with the Pension Boards, your RMD will be automatically scheduled for payment in the fall of each year. Consolidating accounts can simplify this process, as you only need to manage RMDs from one account.
• Improved Recordkeeping: Consolidating your accounts streamlines the recordkeeping process, making it easier to track contributions, growth, and distributions, through our recordkeeping partner Fidelity. This can be particularly beneficial for tax reporting and long-term financial planning.
• Reduced Paperwork: Fewer accounts mean less paperwork, reducing the administrative burden and the possibility of missing important documents or deadlines.
• Better Estate Planning: Simplify the estate planning process by making it easier for beneficiaries to manage and access funds from one account upon the account holder's passing.
• Easier Mobile Access to Managing Your Retirement Account: Access your Lifetime Retirement Income Plan account anytime, anywhere using the NetBenefits® mobile app. Review your account, change your allocations, or access articles and interactive tools.

Consider rolling over your retirement account(s) with the Pension Boards for ease and accountability of your retirement assets, so you can focus on what’s most important, serving those who are entrusted to you and answering your call.