Category Archives: Retirees

No Self-Employment Tax on Retirement Income from Benefits Board

Posted on February 11, 2015 by benefitsboard

At tax time, the Benefits Board gets a lot of questions about the IRS Form 1099-Rs that are sent to participants in January showing the amount of the participant’s distributions for the previous year. The most common question regards whether … Continue reading →

Posted in 02 - February 2015, Chaplains/Evangelists, Informational Manuals, Internal Revenue Service, Ministers, Retirees, Retirement Distributions, Tax Information | Leave a comment

Board Grants Year-End “Bonus” to Participants

Posted on December 30, 2014 by benefitsboard

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 Trustees’ Fund. … Continue reading →

Posted in 12 - December 2014, Investments, Retirees, Retirement Contributions, Retirement Distributions, Stock Market, Withdrawals | Leave a comment

Does Your Will Control?

Posted on April 11, 2014 by benefitsboard

It is vital that everyone have a will, regardless if you are 30 years old or 75 years old. Wills are not just for senior citizens. However, you need to be aware that your will may not be the controlling … Continue reading →

Posted in 04 - April 2014, Retirees, Wills and Estates | Leave a comment

Things to Do Before You Die

Posted on February 13, 2014 by benefitsboard

No one lives forever!! While that concept is known to everyone, some act as though they are going to live forever, never giving a thought to what would happen to their “estate” should they die. The common response is “I … Continue reading →

Posted in Ministers, Retirees, Wills and Estates | Leave a comment

Important Tax Information for Retirees

Posted on February 13, 2014 by benefitsboard

If you are receiving benefits from the old Aged Ministers’ Fund, you will not receive an IRS Form 1099 from Lincoln National Life Insurance Company or the Church of God International Office. They will not send you anything – just … Continue reading →

Posted in Form W-2, Internal Revenue Service, Ministers, Retirees, Tax Information | Leave a comment

Year-End Contributions to Your Retirement Account

Posted on December 6, 2013 by benefitsboard

All pension contributions received in the Board’s office prior to Noon (EST) on Monday, December 30, 2013, will be posted to the participant’s account and will apply against the participant’s 2013 contribution limits. Contributions received in this office on or … Continue reading →

Posted in Chaplains/Evangelists, Ministers, Retirees, Retirement Contributions, Tax Information | Leave a comment

Rate on Trustees Fund Set at 4% for 2014

Posted on December 6, 2013 by benefitsboard

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 five years … Continue reading →

Posted in Investments, Ministers, Retirees, Retirement Contributions, Retirement Distributions | Leave a comment

Court Holds Ministerial Housing Allowance Unconstitutional

Posted on November 25, 2013 by benefitsboard

In a ruling that came early, but that was expected, Federal District Court Judge Barbara Crabb of Wisconsin struck down a law that allows ministers a tax-free housing allowance. In a decision issued on Thursday, November 21, 2013 – almost … Continue reading →

Posted in Chaplains/Evangelists, Internal Revenue Service, Ministerial Housing Allowance, Ministers, Retirees, Tax Information | Leave a comment

Preparing Emotionally for Retirement

Posted on November 25, 2013 by benefitsboard

There is no question that everyone should start saving for retirement while they are young and have the financial ability to do so.  While this is a critical step to take financially, one must also prepare mentally for the changes … Continue reading →

Posted in Retirees, Retirement Contributions, Retirement Distributions, Withdrawals | Leave a comment

How Much Is Enough? 8x??

Posted on November 25, 2013 by benefitsboard

A 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 $450,000 … Continue reading →

Posted in Investments, Ministers, Retirees, Retirement Contributions | Leave a comment