Benefits provided to ministers in return for support of the Pensions and Benefits Fund will not change in 2015, according to Don Walter, director of Pensions and Benefits USA.
“Essentially, the benefits provided to ministers and the minimum amounts that churches contribute to provide these benefits for their pastors remain the same as those in 2014,” said Walter.
Churches that contribute to the P&B Fund enable their pastors to receive benefits, such as basic life and disability insurance and payments to their Nazarene 403(b) accounts. Under current guidelines, a USA church contributing at least $1 of its P&B Fund goal makes its minister eligible for $15,000 in basic life insurance and $400 a month in basic disability insurance. Churches that contribute between 50% and 99% of their goals ensure the above amounts of basic insurance as well as a base annual pension supplement payment (APS) of $200 to the 403(b) accounts of its pastors.
Ministers serving churches that contribute at least 100% of their P&B Fund goals receive an additional APS bonus of 10% of the amount paid. Churches who meet their goals for both the P&B Fund and Educational Fund allow their ministers eligible to receive an additional match of their 403(b) contributions, up to $250.
“The basic insurance and APS we provide for our ministers are supported by the faithful giving of our churches,” added Walter. “Every church should be able to donate at least $1, and hopefully more, to the P&B Fund, especially if it benefits their pastor.”
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