MMBB Financial Services offers specialized retirement programs designed for pastors and church staff, focusing on providing lifetime income through variable annuities, often integrating with the clergy housing allowance. MMBB, which has a long history of supporting retired clergy, provides three main types of 403(b)(9) retirement plans.
Key Retirement Plan Options
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- Comprehensive Plan: A comprehensive offering that combines retirement benefits with disability and life insurance. It is an employer-funded, tax-deferred 403(b) plan, with 100% immediate vesting for the member.
- Retirement Only Plan: A flexible, employer-paid plan designed to be easy to start and grow with an organization’s needs, often allowing for customized vesting schedules.
- Member Contribution Plan: A plan that allows employees to contribute to their own retirement accounts on a pre-tax or Roth basis, often used in conjunction with other plans.
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Core Benefits of MMBB Programs
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- Lifetime Income: Plans provide lifetime income via a variable annuity.
- Clergy Housing Allowance: MMBB enables retired members to maximize their tax benefits by ensuring that annuity payments and distributions may be eligible for the clergy housing allowance.
- Immediate Vesting: In the Comprehensive and Member Contribution plans, members are 100% vested immediately, meaning they have complete ownership of their account balance.
- Financial Planning: MMBB offers access to Certified Financial Planner (CFP®) professionals to help create customized investment strategies.
- Flexibility: Options include the ability to make loans against the account and to make transfers between plans.
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Eligibility
Eligible individuals generally include ministers and staff employed by churches or organizations affiliated with denominations associated with the “free church” movement, as well as independent, faith-based organizations.
About MMBB
Incorporated in 1913, MMBB was created to “promote interest in the better maintenance of the ministry” and has paid over $3.5 billion in benefits to retired members.
Incorporated in 1913, MMBB was created to “promote interest in the better maintenance of the ministry” and has paid over $3.5 billion in benefits to retired members.