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Retirement Plan to Offer Matching Program

Authored by: Jerry Rich
Date: December 3, 2018
Financial health for pastors includes preparation for the years following employed service. The matching grant program encourages an early start!

In partnership with the National Association of Evangelicals (NAE), FCMM will launch a contribution matching program in 2019 for EFCA pastors newly enrolling in the FCMM Retirement Plan.

Intended to encourage retirement planning for pastors from their outset in ministry, the program is funded equally by a grant from the Lilly Foundation through NAE and by a contribution from the FCMM benefits programs (LTD insurance and payroll services).

Once the requirements set by the NAE are met, up to the first $1,000 in contributions to the FCMM Retirement Plan for a pastor who has not previously participated will be matched by a $1,000 grant contribution.

While details of the process are still being determined, the requirements will include:

  • Application to the grant program.
  • Completion of an online Financial Health curriculum (six sessions) by the pastor and spouse.
  • Completion of an online Church Generosity curriculum (six sessions) by at least three lay leaders of the church.
  • Enrollment in the FCMM Retirement Plan.
  • Reaching $1,000 in retirement contributions (may be any combination of employer and employee deferral contributions).

The matching program will be launched at the time of the EFCA Theology Conference, February 6-8, 2019. Applications and more information will be available at that time.