Retirement Planning While Working
Converge Retirement Plan participants often transition into other leadership roles throughout their careers, and that’s OK. Throughout your career, if you’re enrolled in the Retirement Plan, you’re building lifetime income. Should you leave your Converge church for another ministry, you may continue to participate in the plan as long as the new organization has a similar Statement of Faith.
Many of our participants have accumulated retirement assets in other qualified retirement investments such as a traditional IRA or 401k. We accept rollovers from these investments to the Defined Contribution Plan. Once the funds are rolled over into the Converge Retirement Plan, they can be paid out to you as housing allowance. This could result in significant tax savings.
Many of our seasoned professionals are able to aggressively save for retirement by contributing pre-tax dollars through a salary reduction agreement. The IRS allows you to contribute at least $18,000 a year to our Defined Contribution plan. If you are at least 50 years old, this limit is even higher.