How to verify your retirement contributions are accurate

Are your retirement contributions accurate? Most ministers and RCA staff members would probably answer that question with, “I think so.” But when it comes to staying on track for retirement, and protecting your church or employer from the need to make expensive back payments, it’s a good idea for every participant in the RCA 403(b) Retirement Program to regularly check the contributions made to their accounts in NetBenefits. 

Unfortunately, there is a reality that the role of treasurer or administrator turns over more frequently, and it can’t be assumed that the person administering those benefits has a full understanding of how much and how to contribute. This especially impacts ministers and the contributions being made on their behalf.

Thankfully, anyone who is participating in the retirement program can easily calculate and check on their retirement contributions. RCA ministers can use the retirement contribution calculator to see the exact amount their church should be contributing. First, be prepared to answer the following questions. 

• Are you full time (30 hours or more per week) or part time (1-29 hours per week)? 
• When did you start working at your current place of employment (if before the current calendar year, an approximate date is acceptable)? 
• What is your salary, including your housing allowance designation? 
• Do you live in a parsonage? 

Upon answering those questions, the calculator will do the rest and let you know how much your employer should be contributing each year.

If you are not a minister but participate in the RCA 403(b) Retirement Program, simply reference the agreement between you and your employer to determine what they committed to contribute toward your retirement account.

With that figure in hand, now it’s time to check the contributions being made into your retirement account by viewing your account portal in Fidelity’s NetBenefits. 

• Log into your NetBenefits account. 
• Click “RCA 403(b) Plan” 
• Click “Transaction History”, and then click Transaction History again in the options that follow. 
• In the “Time Period”, select “Year to Date” and then click “Get History”

In this view, you’ll be able to see each individual transaction, as well as the total of employer contributions for the calendar year. Are your employer contributions on track? Now you’ll know!

While you’re taking a peek in your account, this might be a good time to make some of your own contributions toward retirement savings. Simply click the contributions tab, and you can follow a series of prompts to defer part of each paycheck into your RCA 403(b) Retirement Program savings. Automated savings is a simple way to change the trajectory of your financial future. Small decisions today make a big impact in the future!