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While many retired clergy choose to enjoy their well-deserved season of rest, some seek ways to continue nurturing their spiritual calling.
To determine if a loan or a withdrawal is the right course of action for you, consider the following factors below:
| LOAN | WITHDRAWAL |
|---|---|
| You don’t pay taxes if repayments stay on schedule | Usually, you will have to pay taxes |
| You have to repay it, plus interest | You cannot repay it |
| Your plan balance is temporarily reduced | Your plan balance is permanently reduced |
| You can continue to participate in the plan | Certain withdrawals cause a 6-month suspension of contributions |
Before taking a withdrawal, MMBB recommends that members review their situation with a Senior Benefits Specialist.
A request for a withdrawal from your Member Contribution Plan account prior to retirement must be made in writing. The minimum withdrawal is $1,000. In order to take a withdrawal from your Member Contribution Plan account while you are working you must be over 59 ½ or meet the hardship withdrawal criteria below.
Eligibility:
A. Minimum amount is $500 and must meet the following criteria:
B. The minimum amount is $1,000.
Eligibility:
(Note – Any portion of the account that contains After-tax contribution will be used first)
You can check the amount available by logging into www.mmbb.org/members and going to the Account Details section.
To request a withdrawal, you must speak with a Senior Benefits Specialist.
The completed paperwork must be returned to MMBB for approval. If approved, the form will be forwarded to Fidelity for processing.
A check will be forwarded to the address of record within three to five business days following.
If you have requested a withdrawal and decide that you do not wish to complete the withdrawal, do not return the withdrawal package. Withdrawal packages automatically expire 90 days from the date of request.
To delete or change a withdrawal once you have mailed back the form, you must contact a Senior Benefits Specialist.
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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.
MMBB Financial Services is pleased to unveil our new website experience.
Watch a guided tutorial of our enhanced site to introduce you to important new features designed to help you live your life with financial confidence.
You will be linking to another website not owned or operated by MMBB. MMBB is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by MMBB of any information in any hyperlinked site. We encourage you to review their privacy and security policies which may differ from MMBB.
If you “Proceed”, the link will open in a new window.
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