Procedure:

• The pastor makes his intention to retire known to the Conference Minister by January 1 of the year he plans to retire (N.C. Rule 805.2)
• If the pastor is a participant in the denomination's 403B pension plan, he must also notify the Benefits Corporation through the Business Office.

Pension Benefits from our 403B - Defined Contribution Plan:

• A participant who has reached age 60 or has a minimum of 30 years of service or has become permanently disabled is eligible to apply for retirement benefits in accordance with the By-Laws of the Benefits Corporation
• Upon approval for retirement, the participant will choose one of the following:
1. Lum sum single payment
2. Fixed dollar monthly income until participant's account is exhausted
3. Defer receiving income - but at age 70 1/2 years, the participant must comply with IRS regulations regarding withdrawal of funds

Pension Benefits from the Defined Benefit Plan:

• For pastors born before 1935, their pension benefits are based on the number of credit years they have accumulated times the annual amount per credit year as set by the Board of Trustees of the Benefits Corporation.
• See Benefits Corporation By-Laws Section IX.G for specific rules regarding the Defined Benefits Plan.

Health Insurance:

The Benefits Corporation, with approval from the 2004 National Conference, has begun a phase-out of health insurance coverage for pastors retiring from the E.C. Church.

Based on the Medicare eligibility date as determined by Social Security, a pastor born in 1941, receives 75% of their retiree insurance paid by the E.C. Church; born in 1942, receives 50%; born in 1943, receives 25%. Those born in 1944 and after, will not receive retiree health insurance paid for by the E.C. Church. Those who retired prior to or in 2004 and those born in 1940 or before will receive 100% of their health insurance if they meet all other criteria for coverage.

Pastors not eligible for retiree health insurance to be paid for by the E.C. Church may enroll in the denomination's retiree health insurance plan at their own expense, paying the monthly premiums to the Benefits Corporation.

PLEASE NOTE:  Medicare coverage is considered to be for retired persons. If you are continuing to pastor as a full-time, active pastor in the E.C. Church, you should remain on the denomination's health insurance plan for full-time, active pastors until such time as your status with the E.C. Church is changed to retired.

Social Security:

The Social Security Administration recommends that you apply for Medicare 3 months before reaching age 65. Medicare Part A is available at no charge.

For more information: Medicare website at  www.medicare.gov 
                             Social Security website  www.ssa.gov

Manna Fund:

• Established to provide financial assistance for retired pastors/wives or widows whose total income falls below $15,000 (single) or $20,000 (couple)
• Manna Fund application/Financial Disclosure Forms are mailed to all retired pastors and widows each spring, explaining the criteria for eligibility to apply for Manna Fund assistance.
• Assistance will be reviewed annually based on the number of applicants and the amount in the fund.
• Names of Manna Fund recipients are kept confidential

Moving When You Retire:

All rules outlined in National Conference Rule 908 apply.

Retiring pastors should move prior to or immediately after National Conference.

The denomination will pay for a move as follows: for intra-state (within the state) moves from 0-40 miles, the allowance will be up to $2500.00; for intra state moves from 41-200 miles, the allowance will be up to $3000.00; for intra-state moves from 201-350 miles, the allowance will be up to $4500.00; and for inter-state (between states) moves, the allowance will be up to $7500.00. If the amount exceeds the National Conference subsidy, the retiring pastor will be responsible for the remaining balance.

NOTE: Refer to the EC Church Benefit Corporation's By-laws for specific information.