The Ministerial Pension Plan (MPP) provides clergy with a pension for their years of ministry with The United Methodist Church.
MPP is an Internal Revenue Code section 403(b) defined contribution pension plan. It is designed to provide participants with one piece of their overall retirement portfolio.
A clergyperson is eligible to participate in MPP if he or she is a deacon, elder or local pastor under Episcopal appointment. (Other eligibility rules apply. Clergy should refer to their MPP Summary Plan Description for more information.)
Plan Features
- contributions equal to 11% of plan
- contributions remitted by the plan sponsor, conference or employer
- 100% vesting
- contributions invested in the Diversified Investment Fund
- contributions and investment earnings grow tax deferred until withdrawal
- on-demand and quarterly account statements
- benefits available upon total disability, retirement or death
- lifetime monthly annuity
- variety of distribution options for 25% of account balance
- option to leave money in plan to continue to grow tax deferred until age 70½-provided the balance is over $5,000
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