RETIREMENT
SERVICES
Plan ahead for yourself and your family
Geneva’s suite of investment options offer special benefits for ministers, foreign missionaries, and lay-staff. Our church-based retirement plans and free financial planning support you in reaching your financial goals.
“From the practical help with health insurance and general expenses to knowing they were praying … the staff of Geneva truly were the hands and feet of Christ to us. Thank you!”
Rev. Jeff Birch, Lake Oconee Presbyterian Church
Investment options to suit your needs and goals
Target Funds
Geneva’s Target Retirement Funds are designed for participants who want a simple yet diversified approach to investing. Each fund provides a diversified and age-appropriate investment portfolio, overseen by Geneva, so you don’t need to worry about maintaining a proper portfolio mix. As this is the best option for most people, all participants are automatically enrolled in an age-appropriate Target Fund.
Core Funds
Individuals who want a more active role in their portfolio mix may want to consider Core Funds. These funds have been carefully selected to provide participants with the opportunity to create a portfolio that will meet their specific investment needs. Geneva engages in a rigorous review process to offer a set of Core Funds that have sound and disciplined investment philosophies along with expense ratios that are often less than the industry average.
Self-Directed Brokerage Account
This type of account is designed for participants with extensive knowledge and experience with investments, and who wish to have more responsibility for the management of their portfolio. Geneva has partnered with Charles Schwab to provide access to over 7,000 mutual funds. The Self-Directed Brokerage Account rounds out the spectrum of Geneva investments options by providing retirement plan participants with additional flexibility and a wide variety of mutual funds.
Late-In-Life Income (LILI)
Late-in-Life Income (LILI) is a Qualified Longevity Annuity Contract (QLAC) that is great for those in or nearing retirement. When you purchase LILI, you are guaranteed income payments for the remainder of your life or that of your surviving spouse. Every retiree worries whether they have saved enough money to cover their expenses through the remainder of life or that of their spouse. This option is offered by Geneva in partnership with MetLife. Individuals interested in LILI can discuss the benefits of this retirement solution with a Geneva retirement planner.
FAQ
How do Geneva’s investments reflect Christian convictions?
Geneva works hard to craft an investment portfolio that reflects our Christian convictions and gospel values. As often as feasible, we direct our fund managers to invest in companies that promote human flourishing, protect and nurture God’s good creation, and seek the common good of society. We also seek to avoid investing in companies that materially and directly thwart those goals or whose core business models conflict with the clear teachings of scripture.
Who is allowed to participate in the retirement plan?
All ministers, missionaries, school personnel and lay church employees who receive W-2 taxable income from a PCA church or pre-approved church related organization are eligible to participate in the plan. To receive enrollment instructions fill out a request for instructions here. Questions on eligibility? Contact us at enrollment@genevabenefits.org.
How can you access your retirement account?
You can access your retirement account online through the My Retirement Account link provided above on our MyBenefits page. Geneva Benefits Advisors are available to assist you with your account Monday through Friday from 8am to 5pm, eastern. Northwest Partner Services (NWPS), our retirement plan administrator, is available Monday through Friday 8 am to 8pm, eastern.
Geneva Benefits Group: 1-800-789-8765
Email: retirement@genevabenefits.org
NWPS’ Geneva Service Center 1-877-543-0055
How does housing allowance work in retirement?
Watch this short video:
How is your money invested in the retirement plan?
There are three different ways to invest with Geneva. You may select from Target Funds, Core Funds, and a Self-Directed Brokerage Account. When you initially enroll, you will be invested in an age-appropriate Target Fund. Target Funds are single funds comprised of multiple underlying funds. Target Funds employ broad diversification and seek to set risk appropriate for your age, provide reasonable returns and automatically adjust as you near retirement. Target Fund allocations are professionally developed and simplify investing decisions.
How much does it cost to meet with a financial planner?
Nothing. Geneva knows the complexities associated with planning for retirement. Meeting with one of our Retirement Readiness Planners to discuss your unique situation has no additional cost to you or your church/organization. Set up a meeting today.
What are the tax advantages with a 403(b)(9) retirement plan?
There are two ways to save, each with its own tax advantages.
· With traditional 403(b) contributions, you save with pre-tax dollars, which reduces your taxable income and your current tax obligation. You pay no income tax on your savings or investment returns until you retire and begin taking a distribution from the plan.
· With Roth 403(b) contributions, you save after tax dollars. When you take a distribution from the plan, that distribution will be tax-free, provided your account had been open for at least five years and you are at least age 59 ½.