Dr. John Ladd, former missionary to Mexico, serving the Lord in his retirement years on a recent mission trip to the Philippines.
BMA Basic Program
BMA Choice Program
The Basic Program provides a retirement option for all licensed or ordained ministers working for a church or entity affiliated with the Baptist Missionary Association (BMA) of America.
BMA churches or entities may contribute to the ministers’ retirement accounts on a monthly or annual basis.
How Does It Work?
Contributions to the Basic Program are invested in high quality, faith-based, Target Date Funds aligned with the normal retirement age of the minister. The Target Date Fund allocation automatically adjust to become more conservative as one nears the targeted retirement age. Click here for detail of the investment funds used in the Basic Plan.
Every minister receiving a contribution from his church/entity will receive instructions on how to access his account. Upon login, he will be able to see the amount contributed and the total value of his portfolio. If the supporting church/entity also joins the Choice Program, the pastor will be able to see the value of both his Basic Program account and his Choice Program account simultaneously.
The Choice Program is designed for BMA churches/entities wanting the most out of the BMA retirement program. Unlike the Basic Program that offers one investment option, the Choice Program offers numerous options including Target Date Funds, Risk Based Portfolios, as well as the ability to work with a financial advisor and customize a portfolio unique to your needs/desires.
Additionally, the Choice Program also has a provision for loans against one’s retirement account should the need arise, a provision for a hardship withdrawal, and a Roth after-tax option. There is a nominal annual fee charged to the church/entity to participate in the Choice Program ranging from $25 to $150, depending on the size of the church/entity.
Who is Eligible?
All employees of the BMA church/entity are eligible to participate in the Choice Program once it is established.
How is it Funded?
How Do I Enroll?
To participate in the Basic Program, simply fill out the BMA Basic Program Contribution Form. The form asks for basic information so that both your church/entity and the minister can be identified in the database.
You will only need to send this form one time—after being setup in the system, you can simply send a check from your church/entity with the minister’s name included to:
Ministers Resource Services
Attention: Basic Program
P.O. Box 995
Conway, AR 72033
Retirement contributions from employee payroll deductions and church contributions must be made by an individual on the church/entity staff designated as the Payroll Administrator by uploading a spreadsheet to the Envoy Financial portal each month.
What Are My Investment Options?
Investment options include target date portfolios, risk based portfolios, as well as customized portfolios. Click on the following link for a list of Choice Program Investment Options.
Who Administrates the Plan?
Implementation of the Choice Program does require someone at the church/entity level be designated as the Plan Administrator and Payroll Administrator to serve as a liaison between the employees and Envoy/MRS.
Are there Contribution Limits?
Participants under the age of 50 may contribute $19,500 annually. Participants 50 years of age or older may contribute $26,000 annually. The limit on annual additions (the combination of all employer contributions and employee elective deferrals to all 403(b) accounts) is currently $57,000.
Bro. Aubrey 'Buddy' Johnson demonstrates his 'retire-mentality' teaching DiscipleWay in India.
At Envoy Financial, we embrace complete expense disclosure and want you to be “in the know” about the expenses you’re paying in order to have a good retirement plan account. What does “being in the know” look like? Are the expenses reasonable? What are the services associated with the expenses?
Click here for more information about the fee structure:
MRS has negotiated the following fee schedule with Envoy Financial:
• Annual Record Keeping Fee - 25 basis points (.25%)
• Annual Participant Advisory Services - 38 basis points (.38%)
• Annual Participant Fee - $70 ($5.83 per month)
• Professionally Managed Accounts – Target Date Funds - 25 basis points (.25%)
• Professionally Managed Accounts – Risk Based or Risk Based Plus – 35 basis points (.35%)