Author Archives: benefitsboard

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.

IRS Launches “Get My Payment” Website

Late in the afternoon on Tax Day, April 15, the U.S. Department of Treasury and the Internal Revenue Service launched the “Get My Payment” website for those who filed a tax return in 2018 or 2019, but did not provide their direct … Continue reading

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Stimulus Bill Changes Retirement Plans for 2020

The stimulus bill, signed by President Trump on March 27, 2020, formally known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), provided some specific changes to retirement plans, including the Ministers’ Retirement Plan administered by the Church … Continue reading

Posted in 03 - March 2020, 2020, Uncategorized | Leave a comment

Coronavirus Continues to Impact Financial Markets

Less than two weeks after the outbreak was declared a pandemic, COVID-19 (coronavirus) continues to cause great volatility in the financial markets. No investment has been immune to this decline and there has been no safe place to hide in … Continue reading

Posted in 03 - March 2020 | Leave a comment

Benefits Board Operations Continue Uninterrupted

As the coronavirus situation evolves worldwide, the Church of God Benefits Board, Inc./Ministers’ Retirement Plan is working hard to make sure that our operations continue normally, and that we are always here to serve our participants. As of today, the … Continue reading

Posted in 03 - March 2020, 2020, Uncategorized | Leave a comment

Comments on the Upheaval in the Financial Markets due to the Coronavirus

“The downturn in the financial markets over the past few days have been a stark reminder to all of us that while stocks move upward, they also can move down.  After more than a decade of increases, the substantial downturn, … Continue reading

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Online Filing of Forms W-2 and W-3

Churches and other church-related employers, along with other businesses, may file Forms W-2 and W-3 electronically by visiting the Social Security Administrations’ website at www.socialsecurity.gov/employer/. On the website, you will need to select “Business Services Online (BSO)” and register as a … Continue reading

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IRS Announces 2020 Standard Mileage Rate

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 2020. Beginning January 1, 2020, the standard mileage rate for the use of … Continue reading

Posted in 01 - January 2020, 2020, Uncategorized | Leave a comment

Board Grants Year-End “Bonus” to Participants

In the recent meeting of the Board of Directors of the Church of God Benefits Board, the entity charged with managing the Ministers’ Retirement Plan, action was taken to grant a special year-end interest allocation to all participants in the … Continue reading

Posted in 12 - December 2019 | Leave a comment

Year-End Contributions to Your Retirement Account

All pension contributions received in the Board’s office by the close of business on Friday, December 27, 2019, will be posted to the participant’s account and will apply against the participant’s 2019 contribution limits. Contributions received in this office after … Continue reading

Posted in 12 - December 2019, Charitable Gifts, Ministers, Retirement Contributions | Leave a comment

Contribution Limits for 2020

The Internal Revenue Service recently announced the new pension plan contribution limits for 2020. 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 … Continue reading

Posted in 11 - November 2019, 2019 | Leave a comment