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Common Questions

Top Questions

How do I access my Retirement Savings Plan (RSVP) account?

To access your account, go to the Retirement Savings Plan page of our website.

How can I make my savings last?

You may wish to begin by using our Retirement Spending Calculator to estimate how much of your retirement savings you can spend, how long your savings will last, and to build a budget for your retirement.

Can I borrow money from my Retirement Savings Program (RSVP) account?

Yes, subject to Internal Revenue Service limitations. You may borrow 50% of the vested balance of your account to a maximum of $50,000. No more than two loans may be outstanding at any one time. The minimum principal amount of any loan is $500. The maximum loan repayment period is five years, unless the purpose of the loan is to acquire a principal residence, in which case a repayment period of up to 15 years is permitted. Loans are repaid by Automatic Clearing House (ACH) debit against your bank account.

How can I ensure income for life?

  • With a Church Life Annuity, you can have the option of receiving guaranteed income for the rest of your life.
  • With the Retirement Savings Plan, one of your options in retirement is to receive payments for as long as you live, with the further option of protecting those payments against inflation. You can also receive payments for a specified period, or you may request payments of a specified amount.

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What are the investment options?

They include a variety of funds ranging from a money market mutual fund to growth-focused stock funds and the Stable Value Option (SVO). View investment options

Can I allocate my contributions among the Freedom Funds and the plan's other investment options?

Yes, if you wish. The Freedom Funds are designed to serve as stand-alone options, since each fund invests in a combination of well-established Fidelity mutual funds and is professionally managed to provide a consistent retirement investment strategy over time. However, you are free to allocate your contributions among all the investment options, including the Freedom Funds.

I would like to transfer my account balances between funds. May I do so and, if so, how often?

With the exception of the SVO, you can transfer your full account balance, or any portion of it, between investment options daily, at no cost.

The Stable Value Option: In a given calendar year, you can make penalty-free transfers of up to 20% of:

  • Your  account balance on January 1 of that year, plus
  • The amount of contributions or transfers to the account, previously made in the same calendar year, less
  • The amount of transfers from the account, previously made in the same calendar year

If you transfer more than 20% of this total amount, you will incur a 5% fee. At age 59½, this no longer applies.

What is the difference between withdrawing funds and transferring them?

Withdrawing funds is taking money out of the RSVP. Transferring funds is moving funds from one investment option to another within the RSVP.

Can I rollover my retirement savings from another plan into my RSVP account?

Yes. Generally the plan will accept rollover funds from any qualified tax-deferred plan.

Besides a lump-sum payment, are there other payment options available?

Yes. You may also choose lifetime income options or periodic installments over a period of time or for a particular amount. To review your options please refer to Your Retirement Account in Transition.

What happens to the money in my RSVP account when I die?

The balance is paid to the designated beneficiary indicated on your completed beneficiary form or to your estate.

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Annuities are offered by Church Life Insurance Corporation, 19 East 34th Street, New York, NY 10016.

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