"Prepare Today" Grant Offers a Boost to Retirement Savings AND Financial Education
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, and $1,000 has been contributed to the FCMM Retirement Plan,the matching grant of $1,000 will be deposited to the eligible member's retirement account.
The program requirements will include:
- Application to participate, at the following link when the program becomes available: www.NAEfinancialhealth.org/fcmm.
- Completion of online Financial Health curriculum (six sessions) by the pastor and spouse.
- Optional: Church leadership participation in online Church Generosity curriculum (six sessions).
- Leadership consideration of using the 40 Day Generous Life devotional and "Bless Your Pastor" material with the congregation.
- 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 by the end of February 2019. EFCA pastors newly-enrolled in the Retirement Plan since January 1, 2019, will be notified of the program's launch and invited to apply.