This is an optional policy that may be modified to explain the benefits you offer. If you include this policy, don’t provide any information other than eligibility and where to find additional details. More detailed information should be provided in a separate document or should be made available from your business administrator.
The law regulates many retirement plans. If you offer a retirement plan, consult with a financial or legal consultant to ensure that you’re complying with the applicable legal requirements.
(Name of ministry) encourages employees to plan for their financial future by offering both a defined benefit pension plan and a 401(k) plan for eligible employees.
Defined Benefit Pension Plan
This organization’s defined benefit pension plan is a non-contributory plan that provides retirement and death benefits to all eligible employees. Employees who have at least 12 months of service, are 21 years of age or older, and who work a minimum of 1,000 hours per year are eligible for inclusion in the plan. For details regarding the plan document and for further information, contact the business administrator.
This organization has adopted a 401(k) retirement plan that allows eligible employees to contribute through payroll deductions. Employees who have at least 12 months of service, are 21 years of age or older, and who work a minimum of 1,000 hours per year are eligible for inclusion in the plan. The 401(k) plan is a tax deferred account. For details regarding the plan document and for further information, contact the business administrator.
This is a sample handbook policy only. Your organization is responsible for compliance with all applicable laws. Accordingly, this document should not be used or adopted by your organization without first being reviewed and approved by a licensed attorney in your area.
This sample policy is published with permission from Working Together—A Guide to Employment Practices for Christian Employers.
© 2022 Brotherhood Mutual Insurance Company. All rights reserved. www.brotherhoodmutual.com/working-together. Updated 9/2021.