News & Articles

News

Summer 2020 "News & Notes" Newsletter

Matching Grant Still Available | Enrollment Windows for Retirement Plan and Benefit Plan | Reminders for Changes to Personal Information and Updates for Beneficiaries
Article

The Corrective for Volatility in Investments? Think long-term!

Most of us have heard the age-old advice for investing: “Buy low; Sell high”. While that adage may be accurate in its simplicity, it’s a mistake for most of us to pursue it as our big aim.
News

CARES Act Provisions Available through Retirement Plan - UPDATED 6/25/2020

The CARES Act has added two temporary provisions that are now included the FCMM Retirement Plan for 2020.
Article

Managing Financial Life After Opting Out of Social Security

Four critical areas for financial planning of the SS-opted-out minister.
News

FCMM Office Moves to Limited Schedule - March 17

Contingency plans have been activated to best serve FCMM members.
News

Lifetime Fund (Option C) Rate for 2020 - UPDATE for April 2020

Option C provides a steady return, based on long-term portfolio objectives.
Article

Considering Opting Out of Social Security? Critical Issues to Review

Many young pastors, learning of the self-employment tax rate for clergy, have found mention by a colleague or a tax preparer of the option for a minister to be exempted from the tax and from the government insurance programs to be enticing. The minister should carefully consider the long-term implications of the irrevocable action.
Article

Ministers' Pay Essentials

Certain tax rules are unique to ministers. It's important for ministers and churches to understand how ministers' compensation is to be handled.
Article

Tax Booklets Available for Download (2020)

Two 2020 booklets for clergy and church tax matters are available for downloaded.
Article

Quick Guide to Tax Reporting for Retirement Distributions - 1099R

Basic information for handling 1099-R information for tax filing
Article

Approaching age 72? Here's what you need to know about RMDs...

Starting by the year you reach 72, the IRS requires you to begin subjecting a portion of your deferred retirement savings to possible income tax.
News

Retirement Plan Contribution Limits for 2020: Overall and Deferral Limits Increased

The IRS has announced that contribution limits to retirement plans for 2020 will increase for the salary deferral limit by $500 and for the overall limit by $1,000.

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