Get the Most Out of the JRB – Take Advantage of Our Full Range of Benefits

By Mitchell J. Smilowitz, CPA

As a participant in The JRB 403(b)(9) Retirement Plan, you are entitled to a bakers’ dozen of benefits designed to help you save for a secure retirement.

1.  Reduce Your Taxable Income
Every dollar you contribute to your JRB retirement account lowers your taxable income. Learn more.

2.  Accumulate Earnings while Deferring Taxes
Your retirement account grows faster than savings made outside the Plan because your earnings are not subject to income tax until you withdraw them in retirement.

3.  Choose Among a Wide Range of Quality Investment Choices
The JRB offers a carefully curated selection of investment options that cover a wide range of asset classes. This includes a Stable Value Interest Fund that guarantees principal and a specific rate of return as well as a twice-yearly Israel Bonds Offering. Our Investment Review Committee, supported by CAPTRUST, our investment advisor, carefully selects and monitors each of the Plan’s investment offerings to ensure that they meet the investment objectives of participants. Learn more.

4.  Pull Your Investment Plan Together with a Complimentary
      Financial Consultation
Have you just begun saving for retirement? Do you want to know if you are on track to achieve financial security? Are you having difficulty balancing competing financial priorities? Do you want to know how to turn your retirement savings into income? Then contact the JRB to set up a Financial Consultation to discuss these, and other concerns, you may have. Learn more.

5.  Manage Your Retirement Account 24/7
Change your account holdings at any time, at no charge. You can adjust your investment mix to reflect changes in your personal financial situation, but keep in mind that you are a long-term investor and that frequent changes in your portfolio can be costly and make it more difficult to achieve your financial goals.

6.  Take Advantage of Our Low Fees
As a not-for-profit organization the JRB imposes a nominal annual fee of 32 basis points (less than 1⁄3 of 1%) to cover the cost of administering the Plan. This is substantially lower than the fees usually charged by stock brokers and investment advisors.

7.  Receive the Clergy Housing Allowance in Retirement
Because the Joint Retirement Board is a “church plan” according to the IRS, our rabbis and cantors are eligible for the housing allowance benefit on withdrawals from their JRB account. This valuable benefit is only available to church plans.

8.  Receive Complimentary Disability Insurance
Over your working life, you have about a 25% chance of being out of work for a year or more due to a disabling condition. Participating in the JRB Plan provides up to $1,000/month in long-term disability coverage and, most importantly, ensures that contributions to your JRB account continue while you receive disability benefits. This coverage comes at no cost for participants contributing at least $1,200/year to their JRB retirement account. Learn more.

9.  Receive Complimentary Term Life Insurance
Your $1,200 annual retirement contribution also automatically enrolls you in a life insurance program at no cost to you. New participants also can purchase additional life insurance of up to $100,000 without proof of insurability. Learn more.

10.  Protect Your Retirement Plan Assets
The assets in your account belong to you; they are for the exclusive benefit of you or your designated beneficiaries and are shielded from creditors.

11.  Take Distributions the Way You Want Them
The Plan offers a number of ways to take withdrawals from your account at retirement. You can start withdrawing from your account at age 59 1⁄2. You can take distributions monthly, quarterly, or annually, or on a schedule that meets your individual financial needs. Income tax is due on the withdrawal amounts (excluding parsonage). Learn more.

12.  Create Your Own Will, Power of Attorney, Healthcare
          Directives and Living Trust
The JRB knows that our plan participants have strong feelings about the end-of-life medical care they will receive and the distribution of their assets when they pass away. To maximize the chance that your wishes are followed, the JRB offers complimentary state-by-state interactive forms sponsored by the Mutual of Omaha Insurance Company, the underwriter of the JRB’s Complimentary Insurance. Learn more.

13.  Borrow from Your Account
You can take a loan from your account for personal financial reasons. The JRB urges you to use this benefit cautiously because loans against your retirement account may significantly reduce the balance available when you retire. Learn more.

The JRB offers a wide range of benefits that you will be hard pressed to find anywhere else. To learn more about these benefits, call us at 888-JRB-FREE (572-3733) or send us an email.

June 2022