Seventh in an Executive Series on the New 403(b) Regulations (Missionary plans)

 

The regulatory themes outlined in a prior communiqué impacts missionary organizations, too. Those themes include: Accountability, Reportability, Oversight, Availability, and Communication.

Because missionaries are located worldwide, the implementation and communication issues are more complex. Because faith-based missionaries raise their own support with a percentage of what is raised offsetting home office administrative costs, there is often hesitancy on the part of the board and executive team to mandate a retirement plan, minimum contributions, and full administrative oversight. Unfortunately, the result of not making these often difficult and sensitive decisions is greater pain for participants at the end of their missionary career.

Here is an outline of keys to the new missionary retirement plans in light of regulatory themes:

  1. Enrolling, Communicating and Supporting at a distance - technology and counsel
    1. Use of technology:
      1. Auto enrollment 
      2. Plus (each participant can personalize the plan) 
      3. Web-based education 
      4. Web-based communication
    2. Counsel (The critical importance of individual participant counsel by qualified Christian financial counselors):
      1. Phone / Skype 
      2. Email 
      3. Personal 
      4. Knowledgeable 
      5. Trustworthy
  2. What you cannot do: 
    1. Passive pass-through facilitator 
    2. Allow monies to be sent to those where you have no reporting or oversight 
    3. Allow loans to be provided without your approval 
    4. Allow hardship distributions without your oversight and approval

Envoy's knowledgeable and committed staff is available to discuss with you how these regulations impact your ministry. The result of these conversations can then lead to a new plan design, Envoy-led implementation and administration, and top-of-the-line support for all of your Christian Ministry Plan Participants. We are ready for our ministry to serve yours. You'll appreciate the freedom it gives you to minister in other areas, knowing this one is solid.


In His name and for His service,

Envoy Financial
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