Naming a beneficiary for your retirement account is an important task and should be completed as soon as you enroll. It will mean that probate, attorneys’ fees, and other costs associated with settling estates will be avoided. [...]
In 2023 you may contribute up to $22,500 via payroll reduction. Your congregation can also contribute to your retirement account. The IRS allows total annual contributions into your account of $66,000. If you haven’t started saving early, you still have time to increase your retirement savings. Those over age 50 may contribute an additional “catch-up” contribution of $7,500. For more information, go ... [...]
OneAmerica is the recordkeeper for the LCMC retirement plan. OneAmerica is committed to safeguarding their customers’ assets and personal information. In this environment where fraud and cyber risks are prevalent, OneAmerica uses a multi-faceted approach to guard against these threats. It is also important for you to do your part in safeguarding your account once you have enrolled in the plan. Here are some simple things you can do ... [...]
The IRS allows credentialed ministers to declare a housing allowance distribution from their 403(b)(9) Retirement Plan account in retirement. This means that the portion of your distribution used for housing expenses is excludable from gross income for income tax purposes. This can provide significant tax savings during retirement. The LCMC Retirement Plan is a 403(b)(9) Plan and specifically designed for LCMC ... [...]
It is the congregation’s––more importantly, lay leadership’s––responsibility to ensure that their pastors and families are cared for properly. Planning proper compensation and benefits for those who serve the church is an important task. Every church should see that the pastors and staff have adequate salary and retirement benefits established. The LCMC 403B Retirement Plan is a great vehicle for ... [...]
Naming a beneficiary for your retirement account is an important task and should be completed as soon as you enroll. It will mean probate, attorneys’ fees, and other costs associated with settling estates are avoided. If you are married and would like someone other than your spouse as your primary beneficiary, your spouse must sign and witnessed by a notary public. A trust may be named as a beneficiary. You ... [...]
The LCMC 403(b) Retirement Plan now has a new app for your mobile device that will allow you easy access to your account. To download the app, go to www.oneamerica.com/mobileapp. Participants can register and log into the app using the same username and password as their account. Call OneAmerica at 1-800-858-3829 with questions. Let them know you are with LCMC, plan #963003. [...]
Tom Luing of Capital Management Associates, will be available at the Annual Gathering to meet one-on-one with you about your retirement readiness. Contact Tom Luing by phone at (952) 746-1111 or via email at toml@tomluing.com to schedule a time and find out what to bring with you. Space is limited, so sign up soon! [...]
The Retirement Plan has added new Roth provisions as well as 2 new investment fund options. Roth Provisions: Roth After-Tax Contributions: Participants may contribute Roth after-tax contributions to their plan account. With Roth contributions, the dollars going into the plan have already been taxed, thus, no tax when withdrawn at retirement. Earnings of Roth contributions are tax-free when withdrawn at retirement ... [...]
We recently added an additional investment option in the LCMC retirement plan. Many people want to invest their money according to the values that drive other decisions in their lives. And subsequently, I’ve been asked by some participants in the plan about socially conscious investing.There is an entire subset of the investment industry called socially responsible investing. I became initially interested in this over ... [...]