Income taxes, the federal
budget, the extension of unemployment insurance, subsidized student loans,
sequestration, minimum wage, Social Security, the regulation of Wall Street,
Medicare and Medicaid—the list goes on and on.
Each of these issues can be cast as a question of economic
fairness. I certainly don’t know all
the right answers. Do you?
There is one economic issue,
however, where I will propose an answer:
Making provision for church
employees and their families in the event of disability or death and insuring
that they will have income in retirement is the responsibility of those whom
they serve. These
church employees serve faithfully and sacrificially, but they will not serve
forever. When they retire, they will
need income to sustain them.
The principal way that
American Baptist congregations care for the long-term well being of their
pastors and other church employees is through the Ministers and Missionaries
Benefit Board (MMBB). The MMBB provides several ways that congregations of all
sizes can provide for their pastors and other lay employees. Whether your church employees are part-time
or full-time, you can responsibly care for them through the MMBB. Several of
the options:
Benefits for Life
A church can enroll their employees
in the Benefits for Life program.
This option funds a 100% vested retirement account for the employee and
also provides long-term disability insurance and a death benefit should the
employee die while serving the church.
The church pays a monthly premium of 16% of the employee’s salary and
housing allowance or value of parsonage-provided housing. Thirteen percent of the premium funds the
retirement account; the other 3% funds the disability and life insurance. For more information on this program, go to http://www.mmbb.org/retirement-benefits-services/retirement-disability-life/combined-retirement-disability-survivor/
Retirement Only Benefits
If a church feels they cannot
fund the Benefits for Life program at this time, they can choose the
less costly Retirement Only Benefits program. The church can make smaller monthly contributions or irregular
periodic contributions. This is a place
that every church can begin.
For more information, go to http://www.mmbb.org/retirement-benefits-services/retirement-disability-life/retirement-only-benefits/
The Annuity Supplement
Once an employee is enrolled
in one of the above plans, they can make additional contributions to their
retirement fund through The Annuity Supplement by having money withheld
for their paycheck. You can find out
more at http://www.mmbb.org/retirement-benefits-services/retirement-disability-life/retirement-only-benefits/annuity-supplement/
Each of us is limited in what
we can do about national economic issues, but we can do something about an
economic issue closer to home: the well being of those who serve in
ministry. As you church puts together
its budget this autumn, make sure there is a line in there for MMBB
contributions. If you wish to discuss ways that you can better care for your
pastor, please contact me at jkelsey@abc-nys.org or 315-469-4236 ext. 14 or visit www.mmbb.org.
Blessings,
Jim Kelsey, Executive
Minister
As
American Baptists of New York State, we will embrace God's future with these
core values: honesty, connectedness and hope. We will uphold our operational
values in every aspect of our common ministry.
