Skip to main content

Premiums

Your Retirement Plan Account

As a plan member, a percentage of your annual compensation is paid as a Benefits for Life premium. Of that percentage, a portion goes into your Retirement Plan (RP) account. The remainder is used to provide disability, death, and other benefits or fees.

All money contributed to your RP account purchases accumulation units for you. Accumulation units are like shares in a mutual fund. Each unit (or share) has a dollar value, which will fluctuate daily based on investment gains and losses.

How Accumulation Units Are Purchased

Assume your annual compensation is $40,000 and the unit value, which changes daily, is $100 when your monthly premium payment is received and your employer contributed 16% of your reported compensation with 13% going to the Retirement Plan. The number of units purchased with that payment for your account would be:

  • $40,000 multiplied by 13% = $5,200
  • $5,200 divided by 12 = $433.33
  • $433.33 divided by the $100 = 4.33 units purchased

The number of units purchased each month will be based on the unit price in effect when the payment is received.

As more money is contributed to your account each month, you accumulate more units. As those units grow in value through investments, so does the value of your RP account.

MMBB Also Provides Financial Assistance to Eligible Members:

  • Annual grants for retired ministers, missionaries and lay employees with low income
  • Emergency aid for pre-retired and retired ministers, missionaries and lay employees
  • Educational grants for spouses and children of disabled and deceased members
  • Medical premium assistance for eligible pre-retired and retired ministers, missionaries and lay employees

MMBB Promotes Interest in the Better Maintenance of the Ministry:

  • Services for pre-retired members include personal consultation; advocacy for fair clergy compensation ; seminars and workshops to interpret benefits and encourage financial and retirement planning; and publications.
  • Services for retired members include personal consultation; fellowship events; personal annual visits; distribution of the Retired Ministers and Missionaries Offering; and publications.