Most people will need to have 60-80% of their pre-retirement income in retirement. The Defined Benefit, also referred to as the Pension, is the entry point into the Converge Retirement Plan. The advantage of a pension over other retirement options is the lifetime income stream it provides toward the target income. The dependable monthly income provided by the pension allows our current retirees a peace of mind that they would not have with other forms of retirement investments because you can count on the monthly income to help pay bills. Because of advances in medical technology, the population is experiencing the blessing of increased life spans. As you consider your retirement plan options, please think about how the lifetime income of a pension compares with the risk of outliving your money without a pension.
There is no waiting period for enrollment.
Basic plan participation requirements:
1. Individuals must be at least 23 years of age or older
2. Be employed by a Converge-affiliated church or district and paid for at least 1,000 hours per year
Participants who leave Converge-affiliated employment can continue participation by building valuable lifetime benefits in the Converge Retirement Plan if:
1. They are employed by a non-profit, faith-based organization with a similar Statement of Faith
2. The non-profit, faith-based organization is willing to make retirement contributions on behalf of the participant
3. If the participant moves to a secular employer or a faith-based employer that chooses not to contribute retirement funds on his/her behalf, the accumulated future benefits will be frozen until retirement age.
4. In cases where the accumulated future benefits are below the IRS minimum threshold, the participant may choose either to rollover funds to another qualified retirement plan or take a payout in another manner. IRS early withdrawal penalties may apply.
Our Retirement Specialist can assist you with any questions you have. Please call 877.482.6882.