Year end reminder
The general ministries of the Christian Church (Disciples of Christ) encourage you to remind your members to make year-end gifts to your congregation's work, the wider Church and to other charitable organizations. Thank you for making a difference in countless lives in your community and around the world through for your generosity.
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Tax info from the Pension Fund
For full information, check the Bridge magazine when it arrives in your mailbox or go to the Pension Fund website
Parsonage Allowances
Every employing congregation or church related organization should designate and record the 2015 parsonage allowances of all employed clergy. Even clergy who live in church-owned parsonages may have parsonage allowances to cover such expenses as utilities and home furnishings, if paid for or provided by the minister. This action must be recorded in advance each year by church board minutes, resolution or budget proceedings.
Salary Changes
As you review budget and plan compensation for 2015, remember to inform Pension Fund when church employees' salaries change.
Tax Deferred Retirement Account Contributions The IRS has announced that the elective deferral (contribution) limit for church employees participating in the 403(b) Tax Deferred Retirement Account (TDRA) will increase from $17,500 to $18,000 in 2015. The catch-up provision for employees who are age 50 and over will increase from $5,500 to $6,000. This means that church employees over age 50 with at least $24,000 in taxable income may defer up to that amount as TDRA contributions.
Flexible Spending Accounts
The IRS has increased the limits for Flexible Spending Accounts, which are used for pre-tax health and dependent care expense reimbursement. The 2015 limit for health expenses is $2,550. For dependent care, the 2015 limits are $520 minimum and $5,200 maximum.
Mileage Rate
As of this writing, the IRS has not announced the 2015 mileage rates. Check www.pensionfund.org for info.
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Introducing MyPensionFund
Pension Fund's new online member portal offers 24/7 access to information
On Dec. 5, Pension Fund officially launched its new online member portal, MyPensionFund. This portal provides you with your account and benefit information. You now have the ability to:
- Check your current balance
- Access defined contribution account transactions
- Perform estimates of your benefits at retirement
- Review contact and beneficiary information
- View your health benefits summary (if applicable)
- Access information around-the-clock
You can access the MyPensionFund portal today by visiting www.pensionfund.org and registering through the "MyPensionFund" link on the upper right corner of the main page. If you need help, reference our convenient user guide at www.pensionfund.org/mypensionfund, or contact Pension Fund directly (1-888-495-PFCC or [email protected]).
MyPensionFund Tip: Make sure to enter five of the last digits of your Social Security number when registering (not four, as is commonly requested).
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Black Ministers Retreat 2015 registration
Save the date for the 41st Black Ministers Retreat, March 3-5, 2015 in Montgomery, Alabama! Join us as we explore this year's theme, Time for a Shift: Transforming a New Generation of Disciples, through transformative worship, fellowship, and educational workshops. This year's events and location will also coincide with local celebration of the 50th Anniversary of the historic Montgomery to Selma March. It will be an experience not to be missed! Early bird price of $165 available through Dec. 31. Register now
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