The C&MA Retirement Plan is a tax-deferred, defined contribution, 403(b) plan, similar to a 401(k). Participants are able to choose from a selection of diversified investment options ranging from conservative to aggressive.
Eligibility and Enrollment
All missionaries must have a minimum of 2% withheld from their pay to be contributed to the retirement plan. Your deduction may be greater if you wish, up to the maximum allowed by the IRS.
Vesting
This refers to an employees ownership of the contributions to the plan. The total balance in their account is 100% vested immediately.
Investment Strategies
You may invest in one of the following pre-mixed Investment Profiles:
• Maxim Aggressive Profile Portfolio
• Maxim Moderate Profile Portfolio
• Maxim Conservative Profile Portfolio
You may also build your own strategy by choosing a mix from the following funds (allocation must be in 5% increments):
• American Funds Euro Pacific R4
• Baron Small Cap Fund
• Columbia Small Cap Value Fund II
• ABN AMRO Mid Cap Fund N
• Lord Abbot Midcap Value Fund
• American Funds Growth Fund R4
• Dreyfus S & P 500 Index Fund
• Van Kampen Growth & Income Fund
• PIMCO Total Return Fund Admin
• Alliance Development Fund
Changing Contribution Amounts
Employees may change the amount that they contribute within IRS allowable limitations. They must complete a Salary Deferral Agreement and submit to the Office of Employee Benefits.
Changing Investment Options
Employees may change the way their current account balance and their future contributions are invested (in 5% increments) via the Great-West Website. New investment elections and changes in the investment of current account balance will become effective on the first day of the following month.
Rollover Contributions
Participants may make rollover contributions from other 403(b), 457, traditional conduit IRA and 401(k) plans. Please contact the Employee Benefits Office for forms and information.
Hardship Withdrawals
A hardship is defined as an immediate and serious financial need arising from:
• Uninsured medical expenses.
• Costs associated with the purchase of your principal residence, excluding mortgage payments.
• Payment of post-secondary education tuition and fees for you, your spouse, or children for the next 12 months.
• Payments needed to prevent eviction from your principal residence, or foreclosure on the mortgage on that residence.
• Funeral expenses for participant, spouse, parents or dependents.
• Repair of damage to participants principal residence.
Hardship withdrawals are taxable. In addition, you may be subject to a 10% penalty tax. If you make a hardship withdrawal, you are not eligible to contribute to the Plan (or any other employer sponsored retirement plan) for the next 6 months.
Retirement Distributions
Distributions after age 59 1/2 are not subject to early withdrawal penalties. Flexible distributions can range from small monthly installments to the full lump sum in one payment. Minimum monthly distributions are required when a participant reaches age 70 1/2 or when they retire, whichever is later. If a participant becomes disabled, distributions are available before age 59 1/2.
Statements
Statements reflecting your account activity for the quarter are mailed or e-mailed to your home on a quarterly basis.
Accessing Account Information
You may access your account information via the toll free line at (800) 701-8255 or the website at
www.gwrs.com.
