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The Financial Realities of Elder Care & Long-Term Care Insurance
The 2023 Tax Guides are now posted on mmbb.org. Both the 2023 Federal Reporting Requirements for Churches Guide and the 2023 Clergy Tax Return Preparation Guide for 2022 Returns are available for download.
| Plans | Comprehensive Plan | Retirement Only Plan | Member Contribution Plan |
|---|---|---|---|
| An employer-paid plan that allocates contributions to the employee’s retirement account. It also includes a disability insurance benefit and group-term life insurance benefit. | An employer-paid plan that allocates contributions to the employee’s retirement account. | Offers members an opportunity to contribute to their retirement savings on a pre-tax or Roth basis. | |
| Plan Features | Employer-Paid | Employer-Paid | Member-Paid |
| 403(b) Plan | |||
| Tax Deferred Contributions | |||
| Financial Planning | |||
| Investment Choices | |||
| Disability Insurance Benefit | |||
| Life Insurance Benefit | |||
| Lifetime Income in Retirement | |||
| Flexible Income Options | |||
| Clergy Housing Allowance in Retirement | |||
| Loans and Withdrawals |
| Comprehensive Plan | Plan Features | 403(b) Plan | Tax Deferred Contributions | Financial Planning | Investment Choices | Disability Insurance Benefit | Life Insurance Benefit | Lifetime Income in Retirement | Flexible Income Options | Clergy Housing Allowance in retirement | Loans and Withdrawals |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Retirement Only Plan | Plan Features | 403(b) Plan | Tax Deferred Contributions | Financial Planning | Investment Choices | Disability Insurance Benefit | Life Insurance Benefit | Lifetime Income in Retirement | Flexible Income Options | Clergy Housing Allowance in retirement | Loans and Withdrawals |
| Member Contribution Plan | Plan Features | 403(b) Plan | Tax Deferred Contributions | Financial Planning | Investment Choices | Disability Insurance Benefit | Life Insurance Benefit | Lifetime Income in Retirement | Flexible Income Options | Clergy Housing Allowance in Retirement | Loans and Withdrawals |
| An employer-paid plan that allocates contributions to the employee’s retirement account. It also includes a disability insurance benefit and group-term life insurance benefit. | Employer-Paid | ||||||||||
| An employer-paid plan that allocates contributions to the employee’s retirement account. | Employer-Paid | ||||||||||
| Offers members an opportunity to contribute to their retirement savings on a pre-tax basis. | Employer-Paid |
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