Savings Matching Programs
We all want rostered ministers to be satisfied and effective in their ministry. This helps serve God’s mission in the world. For many rostered ministers, financial stress stands in the way. Frequently, this stress is due to a lack of emergency savings, a lack of retirement savings, or both.
To address these challenges, Resourceful Servants offers two Savings Matching programs, one for emergency savings and one for retirement savings. These programs partner with rostered ministers to encourage a habit of saving by providing matching funding to more rapidly grow savings and retirement accounts.
This increase in savings, in turn, increases financial comfort, which contributes to satisfaction and effectiveness in ministry.
Emergency Savings Program
Eligible rostered ministers have the opportunity to build up their emergency savings reserves. Contributions to a dedicated emergency savings account with the ELCA Federal Credit Union are matched dollar for dollar up to $50 per month, for a period of up to two years. At the end of two years, recipients’ emergency savings accounts will contain up to $2,400 ($1,200 in individual contributions and $1,200 in matching contributions). Matching funding is provided through generous donations from the Lilly Endowment, Inc., and the ELCA Mission Investment Fund.
ELCA rostered ministers serving a call or on leave from call who have less than six months’ income in emergency savings are eligible to apply. The churchwide organization has funding to match the contributions of 250 ELCA rostered ministers.
Readiness for Retirement Program
Eligible rostered ministers have the opportunity to build up their retirement savings. Recipients’ increased individual contributions of $600 to their ELCA retirement plan accounts with Portico are matched dollar for dollar, for a period of one-year. For the average ELCA rostered minister, the estimated value of this total investment at retirement is over $4,000. Matching funding is provided through a generous donation from the Lilly Endowment, Inc.
ELCA rostered ministers serving a call who have less than 15 percent of their compensation contributed to their ELCA retirement plan account with Portico (employee and employer contributions combined) are eligible to apply. The churchwide organization has funding to match the contributions of 250 ELCA rostered ministers.
How to Qualify and Apply
The Qualification and Application period for the Savings Matching programs opens on August 18, 2020.
The first step to qualify and apply for the Resourceful Servants Savings Matching programs is to review the Savings Matching Programs Overview Booklet.
After you have read through the booklet, you can begin the online qualification and application process, on or after August 18. To do so, complete the online Financial Wellness Assessment. If you qualify for either program, you will be directed to the application for that program as part of the assessment.
The due date to complete the process is October 15, 2020.