Retirement Savings Plan Adoption Agreements due by December 31
Churches and employing organizations which have employees participating in the Retirement Savings Plan of the Presbyterian Church (U.S.A.) (”RSP”) must submit an Adoption Agreement by December 31, 2008, to continue their participation in the RSP. These agreements support the Board of Pensions’ compliance with new IRS regulations for Section 403(b) plans, which take effect January 1, 2009.
An Adoption Agreement was mailed to each participating employer at the end of September. Plan sponsors and employers must complete this agreement to ensure compliance with the written plan document requirement of the new regulations. Compliance is required to maintain the tax-qualified status of their 403(b) plans.
If churches or employing organizations have questions about their responsibilities under the new 403(b) plan regulations, they can refer to the Board’s Employer Frequently Asked Questions.
2009 Dues Schedule available
Included are:
- Medical Plan dues
- Pension Plan dues
- Death and Disability Plan dues
- Seminary student medical dues
- Continuing coverage at termination of eligible service for members w/traditional coverage dues Affiliated Benefits Program dues
- Options for continuing coverage at termination of eligible service for members with Affiliated Benefits Program coverage dues
- Dental benefits subscription costs
- Supplemental Death Benefits rates
New features for BenefitsConnect and Pensions.org
The Board is continually upgrading its Web site to better serve our members. An exciting developments is the availability of BenefitsConnect to retirees and surviving spouses. In addition to listing all of the benefits in which they are currently enrolled, BenefitsConnect provides additional information, including the payment history to these members. Increased functionality includes allowing them to request online a change in their direct deposit information.
The latest addition to calculators is the Taxation of Death Benefit Dues Calculator, which enables church treasurers and business administrators to determine imputed income, if any, that must be reported on members’ W-2 forms for death benefits coverage through the Benefits Plan. Finally, the Board has added a Frequently Asked Questions section to Pensions.org. This section answers the most common questions the Board receives about medical claims, salary changes, dues invoices, service changes, and dependent changes.
Visit Pensions.org regularly for the latest News, Events, and Announcements. Staying informed is the best way to make the most of the plans, programs, and services the Board offers its members, which is effective Stewardship of Self.
