Rostered Ministers

If you qualify for either or both programs through the Financial Wellness Assessment, you will be directed to an application(s) as part of the assessment. The applications will collect additional information and ask you to acknowledge the program participation requirements. You will have the opportunity to apply right now, to wait to apply, or to not apply. If you choose to wait to apply, you will receive an email reminder with a link to the application.

You can apply for any of the programs for which you qualify. Applying for multiple programs does not disqualify you from applying for the other program, nor does it guarantee your selection into either program.

The due date to complete the applications is Oct. 15, 2017. All applications will be reviewed at that time.

Matching funding for each program will be granted to those with the greatest financial need. A financial-need score will be calculated, using the following factors:

• level of emergency or retirement savings;
• salary relative to synod guidelines;
• age of the rostered minister; and
• number of years in ministry.

Each rostered minister will receive a financial-need score, and recipients will be selected based on that score.

The matching programs focus on rostered ministers who have lower levels of emergency and/or retirement savings and lower salaries relative to synod guidelines, as well as those who are younger and earlier in their careers.

Influencing good financial practices early in one’s life and career can affect personal financial well-being throughout one’s life and that of the life of the congregations and organizations served.

You will receive an email by Nov. 1, 2017, to notify you if you have been selected for either, both or neither Savings Matching Pilot Programs. This notification will include step-by-step instructions on how to complete the program requirements.

Yes, when you communicate with representatives from the ELCA Federal Credit Union regarding opening an account, please mention that you are a participant in the Resourceful Servants Emergency Savings Matching Pilot Program.

To open a savings account, you will need your Social Security Number, a valid driver’s license or state-issued ID, a valid email address, and the name of the congregation or organization with which you are associated.

If you already have a savings account with the ELCA Federal Credit Union, you will work with Credit Union staff to open a dedicated sub-account for the Emergency Savings Matching Pilot Program.

There are several options available, based on your situation and the situation of your congregation or organization. When you communicate with the Credit Union to set up your account, the staff will help you choose the option that is best for you.

Yes, you may. In order to qualify for matching funding, you need to make a monthly contribution of at least $10. However, if you are able to make a monthly contribution of $50, this will provide the greatest matching opportunity.

If you make a monthly contribution of more than $50, the program will match your contribution up to $50 per month.

Your contribution of up to $50 per month will be matched on a monthly basis for a period of up to two years. After two years, you will have received up to $1,200 in matching funding ($600 per year).

No, unfortunately not. You will receive monthly matching distributions from February 2018 continuing through January 2020. Making contributions in 2017 will not provide you with any additional matching funding.

You would be disqualified from the Emergency Savings Matching Pilot Program for any of the following:

• withdrawing funding from the dedicated account (personal contribution or matching funding). As a recipient, you are entitled to withdraw any amount from your dedicated account but doing so will disqualify you from receiving additional matching funding;
• ceasing contributions to your emergency savings account (Unless you are between calls. If so, see What if I need to contribute less or stop contributing for a few months?);
• leaving the ELCA roster; or
• failing to remain a member in good standing with the ELCA Federal Credit Union.

In most cases, this means that you will be disqualified from the program, and you won’t receive further matching funding.

The only case where this does not apply is if you go on leave from call. If you go on leave from call, you can apply for a program waiver of up to six months by contacting Resourceful Servants at resourceful.servants@elca.org. When you receive a new call, you must contact Resourceful Servants to again become an active recipient.

During the months on leave from call, you will not be required to contribute. Once you return to active call, you would return to the normal procedure of monthly contributions. To receive the full matching amount, you would need to continue contributing beyond the timeframe originally set for a number of months equal to your time on leave from call. For example, the Emergency Savings Matching Pilot Program is designed to last for two years. If you went on leave from call for three months, you would be required to contribute for three additional months beyond those two years in order to receive the full amount of matching funding.

If you still have questions not answered here, you can contact Resourceful Servants by email at resourceful.servants@elca.org.

If you are currently making individual contributions to your ELCA Retirement Plan, you must increase the amount of your contribution by at least $50 per month.

If you are not currently making individual contributions to your ELCA Retirement Plan, you must contribute at least $50 per month to participate in this program.

In either case, you can elect a higher amount, but to receive the matching contribution, you must maintain at least a $50 contribution (or $50 increased contribution) for each month in 2018.

If you make an increase to your retirement contribution of more than $50 per month, the program will match your increase up to $50 per month.

Selection is for a period of up to one year. If you have made increased monthly contributions of $50 throughout the year, you will receive $600 in matching funding by February 28, 2019.

In the second year of the program, matching funding will be offered to a new cohort of recipients.

No, unfortunately not. You will receive one installment of matching funding in February 2019 if you met the criteria for 2018 contributions. Increasing your contribution amount in 2017 will not provide you with any additional matching funding.

No; if your employer is not up-to-date with its payments, you are not eligible for this program.

You would be disqualified from the Readiness for Retirement Savings Matching Pilot Program for any of the following:

• taking a withdrawal from your existing retirement account with Portico;
• decreasing your ELCA Retirement Plan contributions below the $50 monthly increase, or ceasing contributions to the account (Unless you are between calls. If so, see What if I need to stop contributing at the increased level for a few months?);
• leaving the ELCA roster; or
• your employer failing to remain up-to-date with its payments to Portico throughout the course of the program.

If you decrease your ELCA Retirement Plan contributions below the $50 monthly increase, in most cases, this means you will be disqualified from the program and you won’t receive any matching funds.

The only case where this does not apply is if you go on leave from call. If you go on leave from call, you are ineligible to make ELCA Retirement Plan contributions during that period, but you can apply for a program waiver of up to six months by contacting Resourceful Servants at resourceful.servants@elca.org. When you receive a new call, you must contact Resourceful Servants to again become an active recipient and enroll in pretax retirement contributions on myPortico at a level equal to or higher than before the on leave from call period.

You will not be required to make contributions to catch up for the months missed, but you will be required to continue contributing the amount you were previously after the on leave from call period during the program calendar year. The match will only be effective for the period of time you are contributing during the program calendar year. For example, if you contribute $50 per month for 7 months and receive a program waiver from the ELCA for the 5 months on leave from call, the program match will equal $350 (7 active months x $50).

If you still have questions not answered here, you can contact Resourceful Servants by email at resourceful.servants@elca.org.