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:

1. Did/do you hold ministerial credentials, either with the American Baptist Churches USA or another church denomination/convention?
2. Did you receive compensation for ministerial duties?
3. Do you have a 403(b) retirement account with MMBB Financial Services?
4. Have you made contributions out of your ministerial earnings into your 403(b)?
5. 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.