DALLAS — GuideStone Financial Resources has announced changes to protection coverage offered to qualified participants in the Church Retirement Plan, the 403(b)(9) retirement plan offered exclusively to Southern Baptist churches and their staffs.
The minimum monthly contribution to their retirement account for those eligible for the benefits increases to $50 monthly, effective Jan. 1.
Disability benefits must begin before age 65 and will be limited to a payout of 60 months. Participants currently receiving benefits will not be affected.
The changes are designed to help offset costs, which are currently shared. As of Jan. 1, GuideStone will absorb 70 percent of coverage costs — up from the current 60 percent — with 30 percent to be provided by state conventions, which determine which staff positions are eligible for the benefits.
To determine if a state convention provides a particular staff member with coverage, visit GuideStone.org/SBCChurchBenefits. (BP)
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