Not only does the Rocky Mountain Synod 3E program receive funds from Lilly Endowment, but so does the Evangelical Lutheran Church in America (ELCA). The Lilly funds ELCA receives are then generously matched by a donation from Portico Benefit Services. With those funds, the ELCA deploys a program called Resourceful Servants.
Here is what you need to know as it relates to your Portico Retirement Account.
Beginning August 18th, 2020, rostered ministers are eligible to apply for the Resourceful Servants “Readiness for Retirement” savings match program if they are serving a call and have less than 15 percent of their compensation contributed to their ELCA retirement plan account with Portico, when combining their individual and their employer’s contributions.
The program will match the increased individual contributions of $600 to rostered ministers’ ELCA retirement plan accounts with Portico dollar for dollar, for a period of one year. That equates to $50 per month out of your pocket. Once those dollars are matched, that translates into a $1,200 overall increase in your Portico account, with an estimated value at retirement of over $4,000.
Limited funding is available. The qualification & application period begins on August 18th and closes on October 15th. Selected recipients will be notified by November 2nd.
Questions that 3E might be able to address? Contact us