Retirement readiness of active ministers is the single most significant financial issue facing U.S.-based Nazarene churches today.
The elephant in the room is that most of our full-time lead pastors are not adequately preparing for retirement.
Under this new program, pastors who meet the maximum matching requirements would earn a P&B-provided benefit of $2,500 to their 403(b) account.
Most of our active ministers are not adequately preparing for retirement.
Starting in 2024, employees may receive matching contributions in their retirement plan for payments they make toward their student loans.
It will be up to individual participants to gauge the progress of their returns, level of risk, and underlying costs and fees associated with each fund.
Ministers, especially young ones, should consider contributing at least a portion of their retirement funds within the Roth component, so that after they die, they can be passed tax-free to their spouse or other heirs.
It would be difficult for an individual to match the efficiency, buying power, and low-cost structure of benefits offered through our plans.
The Single Defined Benefit Plan continues to require significant levels of annual funding support for several reasons.
This program provides an opportunity for some to take a major step forward in improving their financial position by eliminating remaining student loan balances.