You can supplement your employer's contributions or establish your own retirement savings plan by contributing to the PBUCC Tax-Sheltered Annuity (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 No Federal income tax is deducted on these deferred amounts, and the earnings on them are tax-free until they are withdrawn.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 the TSA are eligible for the housing allowance tax exclusion, which is not true for distributions from IRAs or similar retirement accounts. You can open a TSA account 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 2020 is $19,500 ($26,000 if you are 50 or older this year). The total contribution to the Annuity Plan in 2020 (both employer and employee contributions) cannot exceed the lesser of $57,000 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.
If your employer is not contributing to the Annuity Plan on your behalf but you would like to establish an account by way of salary reduction, please click here to complete an Annuity Plan membership application. You will also be required to complete a Employee Retirement Contribution Agreement Form, available by clicking here.
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 TSA brochure, Secure Your Retirement.
Download the booklet, Your Investment Options.
Download a copy of the Annuity 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.