Retirement Savings

Concordia Plan Services has partnered with Fidelity Investments as a best-in-class 403(b) recordkeeper. Fidelity has a dedicated call center, with staff trained to answer questions specific to ministers of religion who have unique financial needs. In addition, Fidelity’s planning consultants are just a phone call away to provide advice and guidance to plan members.

403(b) participants have access to the ProManage PROgram™. ProManage builds a diversified investment portfolio based on each worker’s individual data — removing the pressure from workers needing to make investment decisions. Nearly 90% of 403(b) plan members use ProManage’s services, which are available at a fraction of the cost of hiring a financial advisor.

Your workers can save on a pre-tax or Roth after-tax basis, allowing them flexibility to choose the option that gives them the greatest tax advantages. There are no restrictions on how often workers can change their savings amounts or their investment allocations through Fidelity’s website. 403(b) funds can be designated as eligible for housing allowance exclusion.

AutoSave’s automatic enrollment and automatic increase features are best practices in the retirement savings industry. These features make it easier for your workers to save for retirement. With automatic enrollment, eligible workers are enrolled in the 403(b) right away and can adjust or opt out at any time. Auto Increase gradually raises contribution rates over time with no extra steps. Together, these proven features boost participation and improve retirement readiness.

Learn more at ConcordiaPlans.org/AutoSave.

Concordia Plan Services uses the investment expertise of NEPC to provide a diverse fund lineup for workers to invest in, all with minimal fees. Paying less in fees means your workers keep more of their savings. We carefully review the 403(b) investment funds on a regular basis to make sure they are performing at or above expectations, and adjust the funds offered, if needed.

Our dedicated 403(b) Team is here to help you with the everyday administration of the Plan. Our partner 90 Degree Benefits (previously EBSO) processes 403(b) contributions. From online form submission to automatic withdrawal, they can pair your ministry with the process that best meets your needs. In addition, you can use our payroll vendor Paycor to further streamline 403(b) administration.

Concordia Plan Services will help you with compliance in several ways, including monitoring IRS contribution limits and sending some legal notices (Fidelity also sends some, and the employer is expected to provide others).