fbpx
Announcement: PCA Retirement & Benefits is now Geneva Benefits Group! Learn more about our recent name change here.
Announcement: PCA Retirement & Benefits is now Geneva Benefits Group! Learn more about our recent name change here.
This article may contain references to PCA Retirement & Benefits (RBI), which has since been renamed Geneva Benefits Group. Learn more about our name change here.

2020 Year End Action Items

As we approach the end of 2020, there are several items that require some action on your part. We are providing a list applying to PCA organizations (e.g. Business Administrators, Treasurers, and Payroll Processors). Please review the list and determine if any of the action items apply to you.

We purposely made this list brief, but we welcome the opportunity to share more. Please contact us at (800) 789-8765 or send us a message if you have any questions.

 

2020 Churches

Approve Housing Allowance Annually: Approve a housing allowance resolution for all the ministers on your staff. You can find housing allowance worksheets and housing allowance resolutions within the 2020 PCA Call Package Guidelines as well as on our Forms page under “Organizations.”

Perform an Annual Compensation Review: Review your compensation (e.g. salaries, benefits and time off) for your employees on staff. If your church has a fixed stipend for insurance, has medical inflation risen enough to increase the amount of the insurance stipend? Address other questions by reviewing the 2020 PCA Call Package Guidelines.

Provide Updated Salary Figures for RBI: Any Salary/Housing changes should be sent to RBI. This figure is important for determining eligible contributions to the PCA Retirement Plan, premiums for the LTD plan, as well as death benefit compliance with the PCA Life Insurance Plans. RBI will remind you to update this information with a form sent in December 2020 to employers.

Add Employer-Provided Life Insurance Tax: Federal law requires that the imputed cost of employer-provided group term life insurance in excess of $50,000, or dependent coverage if it exceeds $2,000, be reported as taxable income. Employers providing life insurance for their employee likely have a tax liability that they will need to add to their employee’s W-2 form as taxable compensation. Please review our memo titled, Potential Tax Liability for Those Covered by PCA Life Insurance Plans for more information.

Send RBI Employment Updates: Ensure all employees are receiving the benefits afforded to them by your ministry, including benefits available to employees who have separated from service. Contact us to verify all eligible employees are enrolled and notify us of all separation of employment dates for 2020. Be sure to include a description of the change (i.e. retired, terminated, etc.) in your notification of their separation of employment.

Geneva Benefits Group serves those who serve others, providing practical support for the financial, physical, and mental wellbeing of people who work in full-time ministry.

Geneva offers preparedness and peace of mind with solutions tailored to the needs of ministry leaders and staff.