- Tax advantages for Ministers of the Gospel under Internal Revenue Code Section 107:
- Tax-free distributions available in retirement for qualified housing expenses
- Housing Equity Account contributions available prior to age 59 1/2 for down payment on a home
- Roth provision permits after-tax contributions to be distributed tax-free in retirement if certain conditions are met
- Low-cost investment funds with no front-end or back-end load fees
- Ability to diversify investments through pre-built portfolios or individual fund selection
- Ability to maintain separate portfolio for each source of funds and to receive distributions from any fund or portfolio
- Direct rollover and transfer capabilities from a previous employer retirement plan savings account or IRA
- Shepherd Plan account is portable across all WELS sponsoring organizations
- Plan advisor, the Hahn Financial Group, provides personalized help in creating portfolios, benefit consultations and retirement readiness calculations
Advantages for Sponsoring Organizations
- WELS Retirement Program Commission maintains the Shepherd Plan document and reviews performance of the plan and its investment funds
- Fiduciary liability coverage automatically included as part of Shepherd Plan adoption
- Simplified paperwork and transmission of funds
- Annual education and quarterly newsletters provided for organization treasurer/administrator
- Portability of Shepherd Plan accounts between WELS sponsoring organizations simplifies call transition process for workers
- Easily-accessible plan advisors provide support on Shepherd Plan adoption process and ongoing administration
