An Update About the Path to Retire Well
For the first six months of 2024, the average minister received $1,153 in contributions from NBUSA.
Basic Pension Plan FAQ
Frequently Asked Questions about The Basic Pension Plan
This section applies only to those who were participants in the Basic Pension Plan as of December 31, 1995, or prior. There are no new participants after December 31, 1995.
Can I receive distributions from my Traditional Nazarene 403(b) account as tax-free housing allowance?
You can only do this if you are a district licensed or ordained Nazarene minister over the age of 59½. You may request that Fidelity Investments designate your withdrawal as housing allowance for retirement housing purposes. To do this, contact Fidelity toll-free at 1-866-NAZARENE (629-2736). Fidelity will send a pre-completed form to you to review and sign. If you are married, both you and your spouse will need to sign the form.
Required Minimum Distribution (RMD)
The Required Minimum Distribution (RMD) is something every retiree should be aware of. It is the smallest amount you must withdraw from your Nazarene 403(b) Retirement Savings Plan every year after a certain age, unless you are still working. If you fail to do so, you may face a significant penalty.