Year-End Contributions to Your Retirement Account

All pension contributions received in the Board’s office by the close of business on Wednesday, December 30, 2015, will be posted to the participant’s account and will apply against the participant’s 2015 contribution limits. Contributions received in this office on or after that date, regardless of when they were mailed, will be posted against the participant’s 2016 contribution limits. For pension posting matters, the date of receipt by the Benefits Board determines when the amount is posted. However, that does not prohibit those amounts from being claimed as contributions in the year they were deducted for tax purposes. For example, a pastor has $100 withheld from his salary on December 27, 2015 through a salary reduction agreement. The pastor’s W-2 form would be reduced by that $100 in Box 1 (while reporting the same in Box 12), even though the contribution to the pension plan was not actually posted at the Benefits Board until after January 1, 2016.

In order to insure that your electronic contributions and loan payments are posted in 2015, they will need to be sent to us no later than Monday, December 28, 2015.

It should be noted that the regular IRS rules for charitable contributions are slightly different. If you want a contribution to count as a charitable gift in 2015, it must be given to the church in 2015 or it must be mailed to the church in 2015, even though it may not be received until after the New Year. The date of postmark determines the year in which you receive credit for the contribution to your local church. On the other hand, on the first Sunday in January, you cannot date your check for December in hopes of getting credit for 2015.

About benefitsboard

Art Rhodes is the President and CEO of the Church of God Benefits Board, Inc. - the administrator of the Ministers' Retirement Plan and the Church Loan Fund, Inc. The corporate offices of the Benefits Board are in Cleveland, TN.
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