Thank you to everyone who attended Clergy Day on November 8, 2024. Here are some answers to questions raised during the presentation (1-5) and some reminders (6-7) as we greet a new calendar year. View the Clergy Day presentation slides here.
- Are clergy allowed to report to Church Pension Group an amount less than their total taxable income? No. Per CPG, all taxable income must be reported when reporting the clergy compensation in MAP.
- How do we find out more about reporting disabilities for the children and what are those extra benefits? A Guide to Clergy Benefits, page 30.
- Is my cell phone allowance, paid through Paylocity, taxable or tax-exempt? Earlier this year, a few employees had a cell phone allowance that was tax-exempt changed to reflect a taxable income. You will see corrections to this income in Quarter 4 payroll. Cell Phone Allowances IRS Taxability Policy
- What is the 2024 Working While Pension limit? $44,200
- What is the 2025 Working While Pensioned limit? $45,500 – Church Pension Group: Working after Retirement
- Effective January 1, 2025, the SECURE 2.0 Act allows for higher catch-up contributions. The provision allows people turning 60, 61, 62, and 63 during the calendar year and participating in 401(k), 403(b), 457(b), and SIMPLE retirement plans to accelerate their retirement savings as they near retirement age. The higher catch-up contributions for most plans will be the greater of $10,000 or 50% more than the regular catch-up contribution limit for 2025. The limit for SIMPLE plans is $5,000 or 150% of the applicable amount.
- When traveling internationally, Episcopal Medical Trust offers assistance in foreign countries: Medical & Security Assistance and Evacuation Access Program Description