MMBB Financial Services Urges Support of Senate Amendment to Preserve Retirement Provisions for Clergy and Church Lay Workers

MMBB Financial Services joins with the Church Alliance and other religiously-affiliated organizations to applaud Sen. Susan Collins (R-ME) for her introduction of an amendment to preserve important retirement security provisions for clergy and church lay workers that would be repealed by the tax reform legislation in the Senate. Sen. Rob Portman (R-OH) joined in co-sponsoring the amendment. The amendment is essential to provide employees of religiously-affiliated organizations with a meaningful opportunity to save for a secure retirement.

“We sincerely appreciate Sen. Collins and Sen. Portman championing this amendment to protect the interests of clergy and church workers in Maine, Ohio and throughout the country,” stated Barbara A. Boigegrain, chair of the Church Alliance (The full statement and press release is online at church-alliance.org).

On Dec. 1, 2017, Collins tweeted: “The Sen. bill will include my amendment to reverse ill-advised elimination of catch-up contributions to retirement accounts for church, charity, school, & public employees. Amend will protect ability of employees, including firefighters & police officers, to save for retirement.”

MMBB CEO Louis Barbarin said, “We ask everyone who cares about the future of those who have devoted their lives to ministry to support this by sharing on your social media pages. Those of us who work daily to provide employee and retirement benefits for clergy and lay church workers understand the unique difficulties faced when it comes to saving for a dignified retirement. Our tax code supports current provisions. To change that would eliminate small protections that are now in place.”

Barbarin continues, “I want to thank Sens. Collins and Portman for working to introduce this important amendment and urge everyone to support it.”

The Church Alliance is a coalition of chief executive officers of 37 denominational benefit programs, covering mainline and evangelical Protestant denominations, two branches of Judaism, and Catholic schools and institutions. These benefit programs provide pensions and health benefits for more than 1 million clergy, lay workers and their family members. Since its formation in 1975, the Church Alliance has continued to work on tax, pension, securities and health law issues that impact the ability of church pension boards to serve the individuals who dedicate their lives to ministry. For more information, visit church-alliance.org.

MMBB Financial Services is the non-profit financial steward for more than 18,000 faith-based employers, churches and church-related organizations, ministers, missionaries and their families in the U.S. and Puerto Rico. As pioneers in providing employee retirement benefits—and with nearly $3 billion in assets—MMBB carries forward a 100-year tradition of offering competitive returns, experienced management advice and sophisticated financial analytics tailored to the unique needs of the religious community. For more information, visit mmbb.org.