403(b) retirement changes: Fidelity will not accept checks starting in 2019
Fidelity Investments will no longer accept paper checks for contributions to the Nazarene 403(b) Retirement Savings Plan accounts of ministers and church laypersons as of 1 January 2019.
“We have been sharing this information with constituents since we received notice from Fidelity,” said Don Walter, director of Pensions and Benefits USA. “During this same time, we have been at work developing an online contribution system to streamline the process.”
The result is Online 403(b) Contributions. The system has been up and running for months and is now being used by almost 500 churches across the United States. This represents less than 25 percent of the churches now making contributions to the 403(b) accounts of staff members.
Users can access Online 403(b) Contributions from the home page of pbusa.org. A green icon in the upper right corner [403(b) Deposits] opens the link to the secure portal. From there, the user can create a profile, set up bank accounts, add or delete personnel, and make and track electronic contributions.
A two-part training video and an informational flyer are available to explain how to create accounts and use the system.
“We regret any inconvenience this transition may cause,” Walter said. “We are sincerely interested in making sure there is no hiatus in the transmission of payments to the 403(b) accounts of participants. Although there may be some discomfort in the initial switch to this system, we believe it will be minor compared to the overall improvements Online 403(b) Contributions provides.”
Pastors are encouraged to share this information with those responsible for making payments on their behalf to the 403(b) plan. If you have questions, contact Pensions and Benefits USA at email@example.com or 888-888-4656.