General Retirement Plan Info

A defined-contribution plan, a type called a 403(b)(9) Qualified Church Plan is funded by salary deferrals and employer (temple) contributions made by qualifying employers or rolled over from other qualifying 403(b) church plans. The plan is eligible for parsonage/minister housing allowance in retirement for ordained clergy. Fidelity Investments plan number 71280. 

This type of an account allows money to be placed in an investment portfolio to grow tax deferred until retirement or in a “tax-sheltered annuity contract.” It is similar to a 401K plan, but is governed by different rules. Though the ACC plan is not subject to ERISA, we are guided by ERISA rules, in addition to specific rules the IRS has created for 403(b)(9) plans (specifically for clergy).

Our plan presently allows each participant to choose from a platform of funds designed to provide flexibility in building their own retirement (thus the nomenclature – Participant-Driven Plan). Section 403(b)(9) is the Internal Revenue Code Section, which sets forth the rules for this kind of plan.

Supplemental Plan: a non-qualified deferred compensation plan in which funds invested are held in an irrevocable trust for the benefit of participants for retirement purposes. Sometimes referred to as the "Rabbi Trust" due to its origin with the IRS, the Supplemental Plan allows employers to make contributions that may exceed the annual IRS maximum contribution limits for eligible compensation. Salary deferrals and temple contributions in this plan are eligible for parsonage/minister housing allowance in retirement as of 2018. Fidelity Investments plan number 71281.

Important Note: Distributions from the Supplemental Plan are paid out quarterly over a five-year period for account balances over $23,500 (in 2025). Distributions are based on a formula as defined in the Plan document and begin upon retirement, unless a distribution deferral form (see Forms page) is on file with the ACC Office one year prior to retirement.

Parsonage or housing allowance distributions in retirement. A tax rule that allows a "minister of the gospel" (which includes an ordained cantor or rabbi) to exempt a portion of their salary earmarked for housing costs from their federal income taxes.

Tax-deferred savings opportunities. You pay no taxes on any earnings until you withdraw them from your account, enabling you to keep more of your money working for you now.

Retirement planning tools. You have access to online tools designed to help you manage your assets as you plan for retirement, and educational opportunities provided by experienced financial professionals.

Investment options. You have the flexibility to select from investment options that range from more conservative to more aggressive, making it easy for you to develop a well-diversified portfolio.

*ACC employees are not licensed to provide financial, tax, or social security advice; participants need to contact their own financial advisor for specific recommendations and investment direction.

You can access your account online through Fidelity NetBenefits or call the Fidelity Participant Benefits Line at 1-800-343-0860. Through NetBenefits, you can monitor your account, update your beneficiaries, alter your investments, and take advantage of the wide variety of financial planning tools Fidelity offers!

You are always 100% vested in any contributions made to your retirement account. Your Fidelity statement will reflect the vesting at 100%.

Yes. You are welcome to rollover eligible pretax contributions from a variety of other accounts such as: a 403(b) qualified church plan, a 403(b) plan account, a 457(b) plan,  account, a 401(k) plan account, an IRA previously rolled over from an employer-sponsored retirement plan, like a 401(k)

Note: Only Salary Deferrals and Temple Contributions rolled over from a 403(b) qualified church plan are eligible for parsonage in retirement for ordained clergy.

Beneficiary information can be updated via the Profile link in NetBenefits or by faxing a completed Beneficiary Designation form (on Forms Page) to the Retirement Administrator in the ACC main office. You are able to specify up to 4 different Beneficiary Types: a person, an estate, an organization, a trust.

Importance Fee Change Notice: 

The ACC Retirement Plan Board of Trustees met on December 15-16, 2024, and has approved an increase in the annual administrative fee from $380 to $386 starting on January 1, 2025.  The first payment at the new rate will take place in April 2025. Fidelity recordkeeping fees will remain at $96 annually.

The Trustees also voted to implement a no-fee grace period for accounts with a balance below $20,000, regardless of the length of time within the plan.  Previous policy allowed for a no-fee grace period for the first two years of participation in the plan and did not include provisions for a specific dollar amount.

Should you have any questions about your Retirement Plan, please contact Sheryl Steines, ACC Retirement Plan and Insurance Administrator at 847-744-5410.

ACC Administrative Fees are $386 per year and begin when your account balance hits $20,000. 

Fidelity Investments charges a record keeping fee, currently $96.00 per year, divided into quarterly deductions from each participant account.