The Internal Revenue Service (IRS) recently issued new regulations governing the retirement plan(s) that pastors and other church staff receive. This includes MMBB’s Benefit for Life, TDA and TAS. Those regulations go into effect on January 1, 2009 and will have an impact on the church as an employer and the church staff participating in the plans. Over the next few months, MMBB will assist you to comply with the new regulations.

The new regulations, issued under Section 403(b) of the Internal Revenue Service Code, change the way retirement plans are managed. These new regulations require that employers ensure that the retirement plan complies with the new regulations. These new responsibilities include, but are not limited to, monitoring employer and employee contribution limits and certifying distribution and loan requests.

Your partnership with MMBB will greatly simplify what you need to do.

To get started, please read the Frequently Asked Questions document. It gives an overview of the new regulations and the impact they will have on employers and members. Next, we ask employers to fill out the 403(b) Plan Questionnaire. The questionnaire asks for some basic information about your retirement plan. Your prompt response will inform MMBB about how best to assist you to bring your church into compliance. Please submit the questionnaire to MMBB as soon as you can.

For nearly 100 years, MMBB’s emphasis on “the better maintenance of the ministry” has led us to build strong relationships with churches, church-related institutions and their staff. As part of that ongoing commitment, MMBB plans to hold seminars and teleconferences on the 403(b) regulations to describe what you need to do. We will regularly update our website, www.mmbb.org, to provide additional information and resources.  And, as always, our representatives will be available to personally assist you with any specific questions you have.

We look forward to working with you.

Sincerely,

Sumner Grant
Executive Director