*Please be aware the Converge Retirement Plan is not providing financial advice. Our objective is to inform you of your options.

Can funds from the CARES Act be used to fund a contribution?
The Paycheck Protection Program provisions in the CARES Act allow employers to include retirement plan contributions in their 2½ months of salary and benefits reimbursements in the form of forgivable loans. Churches that already have retirement plans for their pastors and staff have this assistance if they choose to take it. Contributions must continue to come from your employer.

Can you provide me a summary of contributions to aid in my Paycheck Protection Program application?
Yes, we need the name of the participant and account number as well as a date range. Start the conversation by sending us an email.

Can our church suspend contributions for a time?
Yes, but please remember that the Death Benefit and Disability Benefit are not available for those who are inactive. Suspending contributions cause the participant to become inactive.

Should I take all my money out of the 403b?
This is not the most advisable option. We believe the market will adjust as it has historically. We weathered the storm of the housing market crash and we will weather this one as well.

Is there a safer place for my money?
If you wish, you may move up to 50% into the Retirement Advantage Certificate (RAC). This is not recommended as we believe the market will adjust. This is an option if you are seriously worried. This option is better for those who are older and closer to retirement. If the participant has time to wait it out the end result should be better. 

What is the diversification of your Defined Contribution Plan (403b)?
Account Diversification
DJ Total Stock Market Index (Domestic Equities) 45%
EAFE Index (Foreign Equities) 15%
Fixed Assets (Primarily US Government Bonds, Investment Grade, Individual issue) 30%
Real Assets (REIT, Real Estate, Oil, Gas 10%
Total 100%

Can I change my risk allocation?
No. Our plan was created to provide for our Converge pastors and church staff with the understanding that the burden of investment management would be taken care of by our qualified asset management team. Our intention was that members don’t need to worry about making investment decisions.

Do I need to take my Required Minimum Distribution (RMD)?
With the passing of the Coronavirus Aid, Relief, and Economic Security Act or the "CARES Act" the Required Minimum Distributions have been waived for the calendar year 2020. You may skip your RMD for 2020 if you wish. Please communicate your intentions with our staff; otherwise, we will send the RMD in December.