What It Is
It is a voluntary association of Church of God local churches,
pastors, and certain full-time lay General Conference employees
which provides retirement benefits for Church of God ministers and
full-time lay General Conference employees.
History
The Minister’s Voluntary Retirement Association was organized in
1968 as an affiliate of the Church of God General Conference. The
first trustees were Clyde Randall, S. O. Ross, and Willard Naylor.
Over the years, 40 individuals have received lump sum settlements;
9 pastors or spouses are receiving monthly benefits. There are
29 individual members, 40 churches, and 7 Conferences that belong to the Association, in addition to those who
are receiving benefits or have received lump sum settlements.
How the Program Works
Ministers who are licensed by the Church of God General Conference
Ministerial Recognition Board pay in, quarterly, 2% of their gross
income, including income from all wages, both ministerial and
secular, and the value of parsonage and housing facilities and
utilities and/or board and room when provided by the church.
Churches contribute 2% of their gross operating income (gross income
includes all contributed funds except for special funds).
State/district General Conferences contribute on the basis of the
average paid by contributing member Churches of God.
Administration of the Program
The Retirement Association is administered by three trustees: one
member of the Association appointed by the Board of Directors of
Atlanta Bible College/Church of God General Conference who serves as
chairman; a vice-chairman who is elected by the membership for a
four year term; and a staff member of Church of God General
Conference who serves as the secretary-treasurer. The current
trustees are Daniel Smead, Bill Gaspar, and David Krogh.
Each member conference, member church, General Conference employee
member, and member minister has one vote in the Association.
Meetings are held biennially at the summer General Conference for
the election of a vice-chairman, when necessary, and to conduct
other business of the Association.
Investments
Contributions from pastors are invested in a 403(b) tax sheltered
annuity contract in the name of each pastor. The member makes
selections from various investment options, as to where his funds
will be invested. Church contributions are divided evenly
between the members and are also invested in 403(b) annuities in the
name of each pastor.
Benefits
Member ministers and full-time lay General Conference employees who
have met the requirements specified above will, upon retirement, be
able to withdraw funds from their 403(b) annuity contract subject to
the rules and regulations of the 403(b) issuing company and the
Internal Revenue Service.
Financial Strength
The Association started in 1968 with $0. Currently, assets connected
with the Association total approximately $1,600,000. Lump sum
settlements of $710,000 have been made to individuals who have
withdrawn from the Association and benefits of $370,000 have been
made to individuals who have chosen to take monthly distributions.
Current
Administrators of the plan are...
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General Conference - All Rights Reserved
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