You can supplement your employer's contributions or establish your own retirement savings plan by making pre-tax contributions, known as a tax-sheltered annuity or TSA. This makes saving for retirement easy through regular payroll deductions, while reducing your Federal income taxes. No Federal income tax is deducted on these deferred amounts, and the earnings on them are tax-free until they are withdrawn. And if you are a minister, payments from your pre-tax retirement contributions are eligible for the housing allowance tax exclusion, which is not true for distributions from IRAs or similar retirement accounts. You can begin making employee pre-tax contributions with as little as $25 a month.
The IRS allows a maximum contribution on a yearly basis that depends on your salary. The maximum that can be contributed in 2024 is $23,000 ($30,500 if you are 50 or older this year). The total contribution to the Lifetime Retirement Income Plan in 2024 (both employer and employee contributions) cannot exceed the lesser of $69,000 (or $76,500 if over age 50) or 100% of cash salary. These maximum contribution amounts change each year. Please contact the Pension Boards for assistance to determine your maximum annual TSA contribution amount.
You also have the opportunity to consolidate other IRA, 403(b), 401(k), or other pre-tax accounts into a Rollover Contribution Account for non-annuitized employees or a Retirement Savings Account for annuitized members who have an account with the Pension Boards. For more information on the Rollover Contribution Account (RCA), click here. For more information on the Retirement Savings Account (RSA), click here.
Download the booklet, Your Investment Options.
Download a copy of the Lifetime Retirement Income Plan for the UCC plan document.
Note: If you are employed by an employer other than a UCC church, Conference, Association or on National Staff, please contact us for the appropriate plan document.