News & Articles
Spring 2023 "News & Notes" Newsletter
Spring 2023 Issue of "News & Notes": Sources of Contributions | What are "Roth" Contributions? | Staff Update
Monthly Option C Fair Market Value Adjustments in 2022-2023
Option C is designed for steady long-term earnings to be fully applied to a Monthly Income Benefit ("annuity"). Other forms of cash distribution may incur a market value adjustment when the investment portfolio value is less than annuitizable accrued value.
Sources of Contributions to the Retirement Plan - EmployER and EmployEE
The difference between EmployER contributions and EmployEE contributions is based on whether the employer decides or whether the employee voluntarily signs up for contributions to be withheld from pay.
What are "Roth" Contributions to Retirement Funds?
Comparison of regular pre-tax contributions and Roth-designated contributions hinges on when taxes are paid on the income from distributions - later when drawn or in the current year when contributed.
Tax Books Available for Download (2023)
Two 2022 booklets for clergy and church financial and tax matters are available for download.
Changing Investments within the Retirement Plan
A “how-to” for when you decide to shift your funds.
Expect 1099R via mail in February
The retirement distribution tax form, 1099R, will be mailed at the end of January.
Retirement Plan - Rate and Fees for 2023
FCMM's Option C Lifetime Fund is unique in offering long-term strategy for steady returns and "do it for me" simplicity.
2022 Distributions Request Deadline is December 12
To request a qualified withdrawal, contact FCMM to obtain the form and then submit it timely.
Retirement Plan Contribution Limits (2023): Annual Additions Limit and Deferral Limit
The IRS has published contribution limits to retirement plans for 2023 (for both salary deferral and overall annual additions limits).
Alert Regarding State-Run Retirement Programs
A number of states have implemented, or are adding, requirements for employers to offer retirement plans. FCMM has reviewed and summarized the current status of these programs and highlighted follow-up research or actions churches may need to take.
Bless Your Pastor(s) and Staff with Benefits Beyond Pay
Pastor Appreciation Month is a good time to review the benefits a church offers their pastor(s) and staff.