The following individuals can participate in the AG Financial 403(b) Retirement Plan:
1. An Assemblies of God credentialed minister who is self-employed within the meaning of Internal Revenue Code 414(e)(5)(A)(i)(I). Example: An evangelist would qualify.
2. Assemblies of God credentialed ministers who provide services to any other organization unrelated to the Assemblies of God to the extent that the services are in connection of ministry (example: a chaplain).
The employer may make contributions on behalf of the minister or the minister may make contributions to the plan directly.
3. Employees of eligible employers.
An eligible employer is:
– An Assemblies of God church
– The General Council of the Assemblies of God
– A District Council of the Assemblies of God
– Any other organization that is controlled by or associated with the Assemblies of God which is tax-exempt under 501(c)(3)* of the Internal Revenue Code.
*501(c)(3) organization. Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment), or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation (except as otherwise provided in subsection (h)), and which does not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition to) any candidate for public office.