Most clergy pride themselves on being biblically literate. We realize that biblical literacy is not a one-shot affair; we continue to dedicate time and energy to scriptural study throughout our careers.
Refer to this Benefits Plans Comparison Chart to explore the differences between the three MMBB plan options and determine which one may be right for you. Each plan is designed to meet different financial goals, with flexible contribution structures and benefits. Review the chart to understand the key features of each plan.
| Benefit Plans | Comprehensive Plan | Retirement Only Plan | Member Contribution Plan |
|---|---|---|---|
| An employer-paid plan that allocates contributions to the employee’s retirement account. It also includes a disability insurance benefit and group-term life insurance benefit. | An employer-paid plan that allocates contributions to the employee’s retirement account. | Offers members an opportunity to contribute to their retirement savings on a pre-tax or Roth basis. | |
| Plan Features | Employer-Paid | Employer-Paid | Member-Paid |
| 403(b) Plan | |||
| Tax Deferred Contributions | |||
| Financial Planning | |||
| Investment Choices | |||
| Disability Insurance Benefit | |||
| Life Insurance Benefit | |||
| Lifetime Income in Retirement | |||
| Flexible Income Options | |||
| Clergy Housing Allowance in Retirement | |||
| Loans and Withdrawals |
| Comprehensive Plan | Plan Features | 403(b) Plan | Tax Deferred Contributions | Financial Planning | Investment Choices | Disability Insurance Benefit | Life Insurance Benefit | Lifetime Income in Retirement | Flexible Income Options | Clergy Housing Allowance in retirement | Loans and Withdrawals |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Retirement Only Plan | Plan Features | 403(b) Plan | Tax Deferred Contributions | Financial Planning | Investment Choices | Disability Insurance Benefit | Life Insurance Benefit | Lifetime Income in Retirement | Flexible Income Options | Clergy Housing Allowance in retirement | Loans and Withdrawals |
| Member Contribution Plan | Plan Features | 403(b) Plan | Tax Deferred Contributions | Financial Planning | Investment Choices | Disability Insurance Benefit | Life Insurance Benefit | Lifetime Income in Retirement | Flexible Income Options | Clergy Housing Allowance in Retirement | Loans and Withdrawals |
| An employer-paid plan that allocates contributions to the employee’s retirement account. It also includes a disability insurance benefit and group-term life insurance benefit. | Employer-Paid | ||||||||||
| An employer-paid plan that allocates contributions to the employee’s retirement account. | Employer-Paid | ||||||||||
| Offers members an opportunity to contribute to their retirement savings on a pre-tax basis. | Employer-Paid |
The Plans: The Retirement Plan (the Comprehensive Plan), Tax Deferred Annuity Plan (the Retirement-Only Plan), and The Annuity Supplement (the Member Contribution Plan) are church retirement plans maintained by The Ministers and Missionaries Benefit Board of American Baptist Churches (MMBB).
The Plans and/or any account maintained by MMBB to manage or hold assets of the Plans, and any interest in such Plans or accounts (including any funds maintained by MMBB) are not subject to registration, regulation, or reporting provisions of the following:
Therefore, plan participants and beneficiaries will not be afforded the protections of those provisions. MMBB reserves the right to amend, modify, or terminate the Plans at any time.
Translations of any materials into languages other than English are intended solely as a convenience to the non-English-reading public. We have attempted to provide an accurate translation of the original material in English, but due to the nuances in translating to a foreign language, slight differences may exist.
Las traducciones de cualquier material a idiomas que no sean el inglés son para la conveniencia de aquellos que no leen inglés. Hemos intentado proporcionar una traducción precisa del material original en inglés, pero debido a las diferencias de la traducción a un idioma extranjero, pueden existir ligeras diferencias.
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