Because the OMN is concerned about the well-being of all our credentialed ministers at the time of their retirement, we have developed the following Oregon Ministry Network Ministers Retirement Benefit.
The OMN will contribute to a qualified AG minister 2% of their tithe into an OMN approved minister’s 403(b) retirement account, effective at enrollment. OMN will also make an initial contribution of $100 per minister, effective at enrollment.
Eligibility:
- Be an Active Credentialed Minister in the Oregon Ministry Network.
- Open a new or connect existing active 403(b) retirement plan with CEP or AGFinancial.
- Must fulfill their financial obligations (minimum monthly tithe/dues) to the OMN.
Details:
- There is no minimum personal contribution a minister must make to their 403(b) retirement account to be eligible to receive the OMN's 2% contribution.
- The OMN will semi-annually contribute to the minister’s 403(b) retirement account no later than April 30 and October 31. The first contribution will be by October 31, 2024.
- Minister must have filled out and designated which 403b account by March 31 & September 30 to receive that semi-annual contribution.
- The OMN will endorse Church Extension Plan and recognize AG Financial Services.
- Qualified ministers will be limited to one change between plans per year (CEP and AGFS).
- Contributions made to CEP or AGFS retirement plans are not FDIC insured. Assets held in the 403(b) retirement plans are subject to Department of Labor requirements and are held for the benefit of the participant.
- Contributions made by the OMN are not considered income for the recipient.
- If one chooses not to participate in the MRB, there will be no reduction in the credential minister's financial obligation to the OMN.
