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Category Archives: 2012
Using Designated Funds
Church officials are often presented with the question of how to properly use designated funds. For example, if contributions are designated for the building fund, can they be used for anything other than construction or other building costs? First, it … Continue reading
Holiday Hours
Now that we are approaching the end of the month, the staff at the Benefits Board is making plans for Christmas and the end of the year. With minor exceptions, the Benefits Board will maintain normal operating hours during the … Continue reading
Posted in 12 - December 2012
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Year-End Contributions to Your Retirement Account
All pension contributions received in the Board’s office prior to Noon (EST) on Friday, December 28, 2012, will be posted to the participant’s account and will apply against the participant’s 2012 contribution limits. Contributions received in this office on or … Continue reading
Year-End Contributions to Churches
As we approach the end of each year, there are always questions about the tax deductibility of charitable contributions made to local churches. The rule is relatively simple – donors must deliver or mail (with the postmark visible) checks on … Continue reading
Rate on Trustees Fund Set at 4% for 2013
In the recent meeting of the Board of Trustees of the Church of God Benefits Board, the entity charged with managing the Ministers’ Retirement Plan, the return on the Trustees’ Fund was set at four (4%) percent. For the past four years … Continue reading
New Contribution Limits for 2013
The Internal Revenue Service recently announced the new pension plan contribution limits for 2013. While there are many different limits that impact pension plans, the main limits that effect participants in the Ministers’ Retirement Plan are as follows: The salary reduction limit … Continue reading
IRS Announces 2013 Standard Mileage Rates
The Internal Revenue Service recently issued the revised standard mileage rate which is used to calculate the deductible costs of operating an automobile for business purposes during 2013. Beginning January 1, 2013, the standard mileage rate for the use of … Continue reading
Court Allows Challenge to Clergy Housing to Go Forward
A recent ruling by a federal judge in the Western District of Wisconsin allowed the challenge to the ministerial housing allowance to move forward to a trial. It is expected that a trial could be scheduled within the next six … Continue reading
How Much Is Enough? 8x??
A recent study by Fidelity Investments suggests that you should save at least eight times your ending salary to meet your retirement income needs. In other words, if you make $50,000 a year, you need to have saved at least … Continue reading
New Video Clips Available from Benefits Board
Our latest project at the Benefits Board is a few short, informative videos we believe will be helpful to church members, pastors, and especially church treasurers. To access the five new videos, simply go to our website, http://www.benefitsboard.com, and click … Continue reading
