UPDATE June 2017: Due to lack of participant interest, the FCMM-Thrivent in-plan annuity arrangement has been cancelled.
In addition to FCMM’s monthly income benefit from the Retirement Plan (comparable to an annuity), we are pleased to announce access to Thrivent Financial’s immediate annuities. Thrivent’s fixed income products offer optional added features such as increasing future monthly payments by an inflation factor.
Important for ministers, only a church plan like FCMM can designate retirement distributions as housing allowance eligible. Both FCMM’s monthly benefit and the new Thrivent annuity offer this feature. (Please note: A Thrivent annuity designated for housing allowance requires that 100% of payments be included. Any unused portion must be reported by the taxpayer as additional income when filing tax returns.)
How do the two monthly benefits compare? While many factors affect the payouts, and market conditions cause annuity calculations to change, here’s an example. Current approximate monthly income amounts resulting from “annuitizing” $100,000 by a married couple, both age 65 on 1/1/2017, choosing the “joint and full” option (income as long as either lives) – FCMM monthly benefit: $490. Thrivent annuity monthly payout without optional features: $420.
FCMM Thrivent annuities are not available through agents but are only available by contacting FCMM. One of our adviser staff members will discuss your circumstances with you and then refer you to a special Thrivent team.