You may be able to take a loan from the plan subject to Code Section 72(p). Contact Church and Clergy Alliance if you have questions about applying for a loan.
There are no provisions for hardship withdrawals in this plan and they are not permitted. We encourage and welcome a discussion to help you plan for unexpected hardship or contingencies. Our financial advisors are also available to advise and coach you through life events and financial challenges.
The plan is designed to grow money for ministry professionals’ retirement in a most tax-efficient manner.
Money can be distributed from your Plan account in these events:
- Attaining an age Greater Than 59 ½ You may elect to have payments from your account upon reaching the age of 59 ½ whether or not you have separated from service.
- Termination of Service Upon separation of service the participant may elect to have payments from her/his account as of any date after the separation of service. The Clergy Advantage 403(b) plan is fully portable and can follow the participant from employer to employer.
- Death Upon death of the participant the participant’s account shall be distributed to her/his designated beneficiary.
- Disability A participant who has not yet attained age 59 ½ shall be entitled to make withdrawals from all or a portion of her/his account, upon providing medical proof of disability in Accordance with plan document.
Request Distribution paperwork by contacting Church & Clergy Alliance.
Vesting is the process in which the participant gains ownership or rights to the employer contributions made into the participant’s account. All contributions (salary deferred, employer, rollover, Roth) and the earnings generated are 100% vested immediately.
Participants will receive personalized quarterly account statements. The statement will show the account balance as well as any contributions, earnings, or distributions during the preceding statement cycle. You may also access your account online through AXA-Equitable at the website below. See the drop down menu on this website under the Clergy Advantage 403(b) for instructions titled, “Set up Online Access.” Their website address is: www.axa-equitable.com or call the service line 800.628.6673.
Account Statements………..http://us.axa.com ………………………………..800.628.6673
Please promptly notify the plan sponsor, Church & Clergy Alliance, with changes to your:
- Name Change
- Phone Number
- Email Address
- Marital Status