Compass is a denominational 403(b) retirement program for eligible active clergy serving in the Virginia Annual Conference. In general, active clergy appointed at least 50% to local churches in the Virginia Conference are eligible to participate in Compass. Hover below to see more….
A defined contribution plan that provides an account balance available upon retirement.
How is the billing calculated?
For the employer contributions: Total Plan Compensation (base salary, not including accountable reimbursement, plus housing allowance or parsonage (35% of cash salary) times 7 % plus $150 per month ($1,800 per year) $150 per month will be prorated based on % appointed to that Church or Agency.
For the Employee Contribution of Compass: Total Plan Compensation (base salary, not including accountable reimbursement, plus housing allowance or parsonage (35% of cash salary) times a % of the Clergy’s choosing or a flat dollar amount. IRS limits apply. Contributions must be deducted from Clergy’s paycheck based on tax options of the Clergy’s choosing.
