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403(b)

AG 403(b) Retirement Plan

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Retirement for AG Ministers & Employees

Since 1945, we have been blessed to help ministers and ministry employees save for retirement. Ours is the only retirement plan endorsed by the General Council of the Assemblies of God, with over 28,000 participants and more than $1 billion in assets.

You'll find detailed information on this page, but don't hesitate to find a consultant who can help walk through the process with you. We are here to help!

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Retirement Options

Retirement investments are divided into four easy-to-understand strategies: fixed-income, individual, target-date, and risk-based. Learn more about each to the left and find more information below. Remember, our consultants are available to help you find the right plan for you.

MBA Income Fund

The MBA Income Fund pays a fixed rate that is declared quarterly with interest compounding monthly. It has had an attractive, stable rate of return since inception over 70 years ago. Your investment in this fund is used to provide loans to build AG churches and ministry facilities across the country.

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Individual Investment Options

This option allows you to custom-build your portfolio. Read more about fund options:

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Target-Date Strategies

Target-date investment choices allow you to choose a strategy based on your targeted date of retirement. These screened strategies automatically adjust to become more conservative as your targeted date approaches.

    Enroll Now Prospectus

    Risk-Based Strategies

    These pre-mixed strategies will create a well-diversified portfolio with one investment choice. The Steward strategies offer a fully-screened enhanced index investment approach:

    The Russell strategies offer a non-screened active manager investment approach:

    Enroll Now Prospectus

    Retirement Options

    Retirement investments are divided into four easy-to-understand strategies: fixed-income, individual, target-date, and risk-based. Learn more about each to the left and find more information below. Remember, our consultants are available to help you find the right plan for you.

    MBA Income Fund

    The MBA Income Fund pays a fixed rate that is declared quarterly with interest compounding monthly. It has had an attractive, stable rate of return since inception over 70 years ago. Your investment in this fund is used to provide loans to build AG churches and ministry facilities across the country.

    Enroll Now

    Target-Date Strategies

    Target-date investment choices allow you to choose a strategy based on your targeted date of retirement. These screened strategies automatically adjust to become more conservative as your targeted date approaches.

      Enroll Now Prospectus

      Risk-Based Strategies

      These pre-mixed strategies will create a well-diversified portfolio with one investment choice. The Steward strategies offer a fully-screened enhanced index investment approach:

      The Russell strategies offer a non-screened active manager investment approach:

      Enroll Now Prospectus

      403(b) Investment Rate

      Standard Rates
      Investment Type RATE APY*
      MBA Income Fund 2.750% 2.79%

      *Annual Percentage Yield
      Effective October 1, 2020

      Retired Ministers Housing Allowance

      The IRS allows retired ministers to have distributions from our plan designated as clergy housing allowance. This unique benefit gives ministers a significant tax savings during retirement.

      We are proud to offer this benefit, which is not available through secular 403(b) plans or IRAs.

      The maximum housing allowance exemption in any tax year is the lesser of:

      • Your actual expenditures
      • The fair rental value of your home, as furnished, plus utilities
      • The amount distributed by your retirement plan to you and declared in advance as your housing allowance

      Use the Minister’s Housing Expenses Worksheet to determine total housing expenses.

      Open Worksheet

      Annual Contribution Limits

      403(b) Contribution Limit 2020 2021
      Under age 50 deferral limit (pre-tax and Roth after-tax) The lesser of $19,500 or includible compensation. The lesser of $19,500 or includible compensation.
      Age 50 or older deferral limit The lesser of $26,000 or includible compensation. The lesser of $26,000 or includible compensation.
      General overall limit under age 50* $57,000 $58,000
      Overall limit age 50 or older† $63,500 $64,500
      Special deferral catch-up for participants with 15 years or more full-time equivalent service with the Assemblies of God. Contact our office. Contact our office.
      Special contribution limit for participants with little or no includible compensation Contact our office. Contact our office.

      *All types of contributions including deferrals, employer, and traditional after-tax. Cannot exceed includible compensation.

      †All types of contributions including deferrals, employer, and traditional after-tax; amounts over the general overall limit must be age 50 catch-up deferrals. Cannot exceed includible compensation except to the extent that the age 50 or older catch-up deferral has been utilized.

      How to Roll Over or Transfer to Your 403(b)

      A roll over is a movement of funds between different kinds of accounts and is not subject to federal income tax. You are eligible for a rollover if you meet a qualifying event, such as a separation from service, disability, or attainment of age 59½. If you meet one of these qualifiers, you may roll over your 401(k), 457, or 403(b). Traditional IRAs can be rolled over at any time.

      A transfer is a movement of funds between accounts of the same kind and is not subject to federal income tax. To transfer your funds to your 403(b) account, you must already have a 403(b) through a current employer and not meet any of the qualifications listed for rollovers. In addition, AGFinancial must be an approved vendor of your employer in order to transfer a 403(b).

      1. Download and complete the Rollover/Transfer Form.
      2. Return form with your latest statement(s).

        Mail to:
        AGFinancial
        PO Box 2515
        Springfield, MO 65801

        A confirmation letter will be sent when your rollover/transfer has been completed.

      Download Form

      403(b) Plan Loans

      The requested 403(b) loan amount cannot be less than $1,500. In addition, the amount borrowed cannot exceed the lesser of:

      • 100% of the total vested account balance if less than $10,000
      • 50% of the total vested account balances
      • or $50,000

      Members may have no more than two loans at a time. The interest rate for plan loans is fixed for the life of the loan at 2.0% above the rate of the MBA Income Fund. All loan payments are made by automatic bank draft on the 20th of each month. The maximum term of a loan is 59 months (5 years) regardless of intended use.

      Due to regulations issued by the U.S. Department of the Treasury, 403(b) plan loans issued after Dec. 31, 2008 require employer verification of loan qualifications with the following exception: Your employer has a sole service provider agreement with Ministers Benefit Association, and has not had multiple service providers since 2004.

      Contact us if you have any questions.

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      How to Apply for a 403(b) Loan

      Log in to Online Access.

      Log In

      Select your 403(b) account within Online Access and select MANAGE MY RETIREMENT.

      On the toolbar, choose Loan Services, then Loan Modeling/Request to apply for a loan.

      Simplify with eStatements

      Cut down on clutter and gain access to your account info 24/7 when you sign up for eStatements. eStatements are simply the electronic version of paper statements. They provide a way to access your statement from your phone, computer, or tablet. It's easy to enroll!

      Enroll Now

      Get personalized guidance for planning your retirement. Our team is here to help.

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