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What You Need to Know about Social Security Now-5

What You Need to Know about Social Se...

What You Need to Know about Social Security Now >

MMBB offers affordable benefit plans for every church size or ministry budget.-5

MMBB offers affordable benefit plans...

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Qualifications

IRS Ruling 75-22 allows denominational pension boards such as MMBB to designate a housing allowance for retired ministers receiving income from their 403(b) retirement accounts.

Wondering if you qualify for the retirement housing allowance? Answer these questions:

Did/do you hold ministerial credentials, either with the American Baptist Churches USA or another church denomination/convention?
Did you receive compensation for ministerial duties?
Do you have a 403(b) retirement account with MMBB Financial Services?
Have you made contributions out of your ministerial earnings into your 403(b)?
Are you currently retired, as defined by the IRS?*

If you answered “yes” to ALL FIVE questions, you may qualify to receive a retired minister’s housing allowance from the IRS.

Please contact one of our Senior Benefits Specialists at 1.800.986-6222 for additional information.

*The IRS defines official retirement as willful termination of employment with no intent to seek a new job after the age of 55. Regulation If you plan to retire before the minimum age of 59-1/2, you can make withdrawals from your retirement accounts only under specific conditions without paying a mandatory 10 percent penalty.

Translations of any materials into languages other than English are intended solely as a convenience to the non-English-reading public. We have attempted to provide an accurate translation of the original material in English, but due to the nuances in translating to a foreign language, slight differences may exist.

Las traducciones de cualquier material a idiomas que no sean el inglés son para la conveniencia de aquellos que no leen inglés. Hemos intentado proporcionar una traducción precisa del material original en inglés, pero debido a las diferencias de la traducción a un idioma extranjero, pueden existir ligeras diferencias.

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