Each year as participants begin to get all their tax information together, they realize that they have not received a Form 1099-INT from the Benefits Board showing the amount of interest they earned on their retirement account during the previous year. Since the participant receives a Form 1099-INT from their banking institutions, they assume that they should get such a form from the Benefits Board. However, that is incorrect.
Since funds invested in the Ministers’ Retirement Plan are tax-deferred, there is no annual requirement to report the interest or earnings on your account at the Benefits Board. All contributions, earnings, and interest will be reported once you begin to take distributions (withdrawals) from your account. All those who take distributions in retirement or by early withdrawal receive a Form 1099-R from the Benefits Board.
Anyone who received a distribution from the Board last year should have received their Form 1099-R in mid-January. If not, please contact our office immediately.