403 (b) Plan available to Churches and their Employees.
The Gateway Conference Board of Administration voted to begin a 403 (b) Retirement Plan through Guidestream (an FM Financial Company) beginning January 1, 2024
A 403(b) is a tax-advantaged retirement plan for employees of non-profit organizations, like churches and hospitals, as well as some public-sector workers such as teachers and librarians.
As with all employer-sponsored retirement plans, 403(b)s offer tax-efficient growth for your retirement savings. This means the investments you buy and sell in your account are free of capital gains taxes, which helps you build your nest egg for retirement.
Gateway Conference will offer a Roth 403(b), you will fund your account with money that’s already been taxed. You won’t pay any taxes when you withdraw money from the account later—even on investment earnings, no matter how much your money has earned.
Quick look at the offered 403 (b) Plan:
1) This is a Roth 403 (b) plan (meaning after-taxes deduction)
2) This is a voluntary plan. Employees are not required to enroll.
3) All employees (those who receive a W-2) can enroll in this plan if they would like to.
4) Employee will need to check the second box on the Salary Reduction Agreement (the one that says on an after-tax basis -Roth)
5) Minimum of $50 per month to enroll
6) In order to sign up: contact Michelle Boyd at gatewayfmcusa@gmail.com
7) Complete form that is sent to you and use link on form to schedule a short phone call with Advisor Ridge Foco to determine an invest strategy best suited for employee.
Click here for GuideStream (an FM Financial Company) 403 (b) info at a glance information
Click here for more information on the plan
Click here to contact Gateway Conference to enroll
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