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Pension Fund introduces Traditional IRA
 You asked, and we delivered: Pension Fund recently added a Traditional Individual Retirement Account (IRA) to its suite of retirement programs. Starting now, Pension Fund will begin accepting contributions for Traditional IRAs, as well as any
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Key facts
- Pension Fund now offers a Traditional IRA retirement program as an individual savings option.
- Contributions made by April 15, 2015, may be applied to 2014.
- The Traditional IRA will earn 3.5% interest in Q1 2015.
- Transfers and rollovers to Pension Fund's Traditional IRA qualify for an additional .5% bonus for one year after the account has been established.*
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transfers or rollovers of Traditional IRAs from other financial institutions.
To be eligible for a Pension Fund Traditional IRA, individuals must have earned income from employment with an eligible employer (i.e., congregation or organization related to the Christian Church (Disciples of Christ), Christian Churches/Churches of Christ, or Church of Christ). Those who have an established Pension Plan, TDRA, or Roth IRA account, but are no longer employed by an eligible employer, may rollover or transfer Traditional IRA funds to a Pension Fund Traditional IRA.
Here's what you need to know:
- The maximum contribution for 2014 is $5,500 (if under age 50) and $6,500 (if age 50 or over). The same contribution limits apply for 2015.
- Contributions made to the Traditional IRA by April 15, 2015, may be applied to 2014. In addition, depending on Modified Adjusted Gross Income (MAGI), the contribution may be fully or partially deducted on the 1040 Income Tax Return for 2014.
- There is no income limit for contributing to a Traditional IRA, so individuals can always contribute to a Traditional IRA (even if the MAGI is too high to deduct contributions).
The Traditional IRA will earn 3.5% annual interest in the first quarter of 2015. Transfers and rollovers to a Pension Fund Traditional IRA will earn an additional .5% for one year after the account has been established.*
Did you know that Pension Fund also offers a Roth IRA? Individuals whose incomes are within IRS income limits and don't wish to deduct their IRA contributions may want to open a Roth IRA. Though contributions can't be deducted, contributions received by April 15, 2015, may be applied to 2014.
*Rollovers and transfers must be from an account outside of Pension Fund. Rollovers and transfers from a current Pension Fund account do not qualify.
Also from the Pension Fund
Are you a minister? Pension Fund offers a free Minister's Guide for 2014 Income Tax booklet for ministers (and their tax preparers) To access this handy, easy-to-use tax guide, just visit: www.pensionfund.org/ministers-tax-guide
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Church ends homelessness for single mom and child
 by Bridge of Hope staff
Beginning in 2014, University Christian Church (Hyattsville, MD) offered friendship to *Sophia and her infant daughter. Sophia and her daughter were living in a friend's car while Sophia worked retail and graduated from a dental assistant training program. The church's Bridge of Hope mentoring friends (coordinated by Rev. Marshall Dunn) helped Sophia to find an apartment, furniture and a used car. Sophia found a job as a dental assistant. She reconnected with her family from whom she was estranged and began to attend the church of her youth.
Learn how 8-12 mentoring friends from your church can be trained to end homelessness for a single mother and her children. Visit www.bridgeofhopeinc.org.
Lay-leader Shauna from Hopewell United Methodist Church (PA) shares, "We're seeing lives transformed both within our congregation and for once-homeless single mothers and children in Bridge of Hope."
Since 1989, Bridge of Hope's program model has been implemented to end and prevent homelessness.Through three-way partnerships between homeless single mothers, trained church-based mentoring groups, and trained case managers, the model has shown an 80% success rate. Women graduate from the Bridge of Hope program having attained permanent rental housing, financial stability through employment, and a support network of friends from a church in their community.
Bridge of Hope partners with churches and with Christian faith-based agencies seeking to utilize this model to refocus or expand services to homeless women and children. We provide training and ongoing support for case management staff, as well as a complete mentor training program and help with recruiting church-based mentoring groups.
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