AG Financial Solutions

Click here to view How to Read Your Retirement Statement. If you have additional questions, please contact Customer Care at or 1.800.622.7526.

This is what IRS Publication 517 (Social Security and Other Information for Members of the Clergy) states about a ministers status:

Employment Status for Other Tax Purposes

Even though, for Social Security tax purposes, you are considered a self-employed individual in performing your ministerial services, you may be considered an employee for income tax or retirement plan purposes. For income tax or retirement plan purposes, some of your income may be considered self-employment income and other income may be considered wages.

Common-law employee. Depending on all the facts and circumstances, under common-law rules you are considered either an employee or a self-employed person. Generally, you are an employee if your employer has the legal right to control both what you do and how you do it, even if you have considerable discretion and freedom of action. For more information about the common-law rules, see Publication 15-A, Employer's Supplemental Tax Guide.

If you are employed by a congregation for a salary, you are generally a common-law employee and income from the exercise of your ministry is considered wages for income tax purposes. However, amounts received directly from members of the congregation, such as fees for performing marriages, baptisms, or other personal services, are considered self-employment income.

Example

A church hires and pays you a salary to perform ministerial services subject to its control. Under the common-law rules, you are an employee of the church while performing those services.

Form SS-8. If you are not certain whether you are an employee or a self-employed person, you can get a determination from the IRS by filing Form SS-8.

This link is to the IRS Web page on independent contractor or self-employed status: http://www.irs.gov/businesses/small/article/0,,id=99921,00.html

Your employer is providing the benefits of a 403(b) plan to assist you in meeting your financial needs during retirement. The advantages of a 403(b) include:

• Income for retirement
• Income tax savings
• Convenience of payroll deductions
• Higher contribution limits than IRAs
• Your employer may make matching contributions (check with them)
• Availability of employer-paid contributions (check with your employer)
• For credentialed ministers, a tax-free clergy housing allowance during retirement

This is not an easy calculation. You have inflation, interest rate and financial market changes, and fluctuations in the amount you and your employer deposit. The closer you are to age 65 the easier this number is to estimate. We cannot guarantee you an exact balance at an exact age. Click here for a calculator tool to assist you in retirement contribution planning.

Generally, no. The retirement account is an individual account. If your spouse has been granted certain powers of attorney, then your spouse can act on your behalf.

MBA is the General Council endorsed plan for the Assemblies of God. Like all employer plans, you must be an employee of the Assemblies of God or an Assemblies of God institution in order to participate. As a credentialed minister of the Assemblies of God you are automatically allowed to participate if you have ministry earned income.

No, you must be an employee of an Assemblies of God church or other AG institution. The Assemblies of God Loan Fund (AGLF) has an IRA program which allows most members and adherents to participate in a retirement plan. Click here to read about the AGLF program.

Complete an enrollment form here. You need to complete all sections of the form. Be sure to have your employer sign the form as well. If you wish to make contributions to the account you will need to file the Payroll Deduction form and give it to your payroll person. As an employer plan, your employer will need to send the funds to us on their check along with an MBA-approved contribution form.

You may be surprised how much money you can "find" for retirement. Some keys would be to know where all your incomes goes, budgeting, and cutting expenses. You can find ways to save money here.

The 403(b) cannot be placed into the name of a trust. These are individual accounts and must be reported under the Social Security number of a living individual. You may name a trust as your beneficiary.

Our online account access has changed. Go to AGfinancial.org. Click on "Client Login". For existing MBA clients that have not gone through the new account setup process enter your Social Security number and PIN. If you have gone through the new account setup process use your username and password. If you do not remember your password you can click on the link "Forgot your password" or contact Customer Care at (800) 622.7526.

Our Customer Care representatives no longer have access to your User ID and password. To reset your account login information, click on the "Forgot your password" link on the login page or contact Customer Care at (800) 622.7256.

You can contact our offices or visit our Web site at www.AGFinancial.org to view your account balance. You will need your Social Security number and PIN.

If you are invested in the MBA Income Fund, there are no separately-charged fees for account or investment management. The declared rate is what you earn. If you are invested in any other investment option, there are small fees for administration (record keeping, statements, etc.) that total 64 basis points (64/100 of 1%) of the investment balance on an annualized basis. These fees are in addition to the underlying mutual fund expenses that the fund sponsor charges. All of the strategies use no-load institutional class shares. If you request special services, such as a retirement loan, or special handling, there are fees that are charged to offset expenses.