Retirement Plan Transition Information

DEFINED BENEFIT PLAN

Lump Sum Payouts – Complete

Lump sum payments were made to Active and Vested Terminated employees September 30. Individuals who rolled the funds to the new ARPC 403b plan can now see those funds in their 403b account. Individuals rolling funds to other providers will receive a confirmation from Truist. The timing of those funds appearing in accounts varies based on provider and the mail. For a handful of individuals whose paperwork was not finalized by September 23rd, the payments will be made on October 4.

Active Pension Plan Participants, Eligible to Retire

Packages were mailed on October 2 to individuals who are active participants and met the requirements to be eligible to retire. The packages provide the options to the participants and must be returned no later than November 15, 2021.

Participants Not Located or Who Did Not Respond

For any participants (usually a Vested Terminated individual), who did not respond or who could not be located, the lump sum has been rolled over to Millennium Trust in an IRA in that individual’s name. Around mid-October the transfer and account creation will be completed, and those individuals can reach Millenium Trust at 877-682-4727 to discussion their options.

 

New ARP 403(b) Plan

(To Enroll in the new ARP 403b Plan, click the button below.)

Enrollment Materials

Churches

If you have not done so, each church needs to complete an Adoption Agreement to activate the new plan. If you have questions on completing this agreement, the team at RBI can walk you through the agreement. Call them at (678) 825-1260. Once the Adoption Agreement is completed, you will receive directions on remitting contributions. The Adoption Agreement should be completed as soon as possible so the retirement contributions from August forward can be remitted. The Adoption Agreement can be found at this link:  https://pcarbi.org/wp-content/uploads/2021/07/ARPC-Adoption-Agreement-Fillable-2021.07.30-final.pdf. Once the Adoption Agreement is completed, you should receive a confirmation within two business days along with instructions for remitting contributions.

Ministers

All ministers employed by August 1 were pre-enrolled for the new ARP403(b) plan, but completed beneficiary forms are still needed. Complete and return one if you have not already done so. Once the employers of the ministers have completed the Adoption Agreement referenced above, the ministers covered under the Adoption Agreement are sent confirmation and instructions on how to log into the Retirement Access system. At that time, ministers will also be able to select investment elections beyond the default target date fund. Please call the RBI team at (678) 825-1260 with any questions on this process.

Resources

For more information on how to rollover funds from other 403b or similar plans for ministers or for church plans for non-ordained staff, please go to this link https://pcarbi.org/arpc/ and the instructions under Step 2 or call the advisors at (678) 825-1260.

Additional Resources

Town Hall Presentation Slides
Frequently Asked Questions