Plan Information FAQ
Q. Who is eligible to become a member of the Retirement Plan and how do I enroll?
A. The Servant Solutions Retirement Plan accepts contributions from any Church of God by Faith congregation, organization, or institution. If you work for one of these eligible institutions and are receiving compensation from them, you can become a member of the Plan! To enroll, call (904) 779-5469, and we will send you an enrollment packet.
Q. How much can I contribute to my Retirement account?
A. You can view the contribution limits for the current year here.
Q. How can I best contribute to my Retirement account?
A. Servant Solutions always encourages church employers to contribute on behalf of their employees whenever possible. An employer contribution is sometimes called a “fringe benefit” and is in addition to an employee’s taxable income. An employee is also permitted to contribute pretax dollars to their retirement account. This is often referred to as a salary reduction and the employer should have a Salary Reduction Agreement, signed by the employee, on file. Contact Servant Solutions for more information.
Q. Why are there multiple investment options in the Retirement Plan?
A. Servant Solutions offers a number of investment options which have been carefully constructed to meet the needs of varying ages, time horizons, and risk tolerances. Detailed investment descriptions and information is available here.
Q. How often do I receive statements?
A. Statements are printed and mailed quarterly. They are also available online for those who opt out of a printed mailing. You can access your account in a secure environment by clicking here. Once logged in to your account, click on “My Profile” and update your Preferences.
Q. How can I obtain information on my retirement account in between statements?
A. There are several excellent ways to obtain information. The best way is to call Servant Solutions at (800) 844-8983 where they will be glad to share information or provide retirement estimates. Another option: You can access your account in a secure environment by clicking here. Finally, members can call the 24-hour toll-free TeleTouch line to obtain personal account information. The number is (800) 547-7754. This service is operated by Principal, our record keeper.
Q. Why does Servant Solutions need consulting partners like Ronald Blue Trust and Principal?
A. Servant Solutions’ assets are significant and require top-notch oversight. Principal is one of the world’s largest financial service companies and works with a number of church retirement plans. Through their work, Servant Solutions is able to secure some of the best money managers and mutual funds available in the market. Ronald Blue Trust provides investment monitoring and counsel to the Board of Trustees. They help us provide you with the best possible investment options.
Q. What happens to my account balance if I die before I begin retirement benefits?
A. If you die prior to the time you receive payment of any of your retirement benefits under the Plan, your surviving spouse will be entitled to the ownership of the account. If you have no spouse, your account balance will be paid in a lump sum distribution to your beneficiary, or to your estate if there is no beneficiary designated. See the Retirement Plan Document for more details.
Q. What are my options when I’m ready to receive retirement benefits?
A. The plan is very flexible in providing a wide spectrum of retirement options. From annuities to installments to periodic distributions elected by the member, the various options allow the member to determine the best method of payments. Review the Retirement Plan Document or Summary Plan Description for more detail, or the Retirement Decisions workbook is also available to help provide additional guidance. If you have any question, please contact Servant Solutions.
Q. How do I know if I am putting away enough money for retirement?
A. Servant Solutions provides some wonderful tools to help you answer this question. The Saving for Retirement Worksheet is available upon request and on this website. The worksheet has all the tables and calculations to help you know if you are contributing enough. If you would like additional help answering this important question, we would encourage you to complete a financial roadmap with our Certified Financial Planner. For more information on this process, click here.