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newlife

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  1. If the money was deducted from a paycheck in December 2008, can we still send it off as a 2008 contribution. Is there an IRS deadline for 403(b) contributions? Thanks
  2. newlife

    Establishing 403(b) For A Church/preschool

    Our church set up a 403(b) plan with vanguard through their small business department. I highly recommend vanguard.
  3. newlife

    Where To Begin

    A couple things... 1) By definition, a 403(b) account is an employer sponsored plan, and not an individual plan 2) You can set up a plan that only involves you, that is to say, a single account in your name, but you'll need your employer's help. 3) At a minimum the church will need to withhold your contribution and forward it to your mutual fund provider of choice. 4) Our church has set this up with Vanguard, they require a minimum amount of $5000 per person, only one person in your case. I believe T. Rowe Price can also set up. 5) Vanguard can send you an employers guide and an employee's guide that will give you more information. 6) I believe that Vanguard will provide you with a salary deferral agreement, a deferall form, and a plan document that you can adopt. You can get the forms at this address (try copying and pasting int the browser: http://flagship5.vanguard.com/VGApp/hnw/LiteratureRequest?FW_Activity=FindLiteratureActivity&FW_Event=subcategory&cat_cd=OPEN&sub_cat_cd=NPRP&entryPoint=ELF&usage_cat=OPENNPRP&active_menu_item=CBD_NON_PROFIT_RETIREMENT_PLANS Hope this get's you started - God bless!
  4. Is there a difference in the bankruptcy protection provided for assets in a 403(b)(7) account versus assets held in a roth IRA or traditional IRA account? Thanks
  5. newlife

    403b And Ministers Taxes

    I don't know the answer on 401(K) plans. There is a church plan discussion board on benefitslink.com, but it is not very active. An attorney named Danny Miller participates on the board and He would know the answer to the question. The only issue is if he still monitors the discussion board. BenefitsLink Message Boards (Forums) -> Plan Administration and Design -> Church Plans Hope that helps.
  6. newlife

    403b And Ministers Taxes

    Since ministers are subject to SECA and not regular social security tax, their 403(b) contributions are not subject to FICA withholding. By the fact that they aren't subject to FICA period. So in a nutshell, there is no taxation issues for 403(b) contributions. This is my understanding.
  7. newlife

    Salary Deferal Subject To Ss Withholding?

    Thanks for the confirmation!
  8. It's my understanding that employee salary deferrals are subject to Social Security/medicare withholding, but not income tax - is that correct?
  9. newlife

    Church Retirement Account

    Can anyone direct me where I can get information on 403(b)(9) accounts -we are a church and are looking for a provider that can help us set up a retirement acccount.
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