Three Benefits Every Iowa Minister Should Know About

What it is. Joel Rister of GuideStone, writing for the Baptist Convention of Iowa, lays out three benefits ministers here tend to miss:

1. Retirement income from the SBC Church Retirement Plan can be designated as housing allowance. "Housing allowance doesn't stop when you retire," Rister writes; the tax benefit carries into retirement.
2. A church contribution of $50 or more a month may qualify a minister for free benefits provided through the BCI: a survivor benefit of up to $100,000 and disability income of up to $500 a month for up to five years.
3. GuideStone publishes minister-specific tools on taxes, housing allowance, and compensation.

Who it's for. Every pastor in Iowa, and whoever handles the church's books. Bivocational pastors stand to gain the most; many are living without this protection.

One step. Check whether your church's $50-a-month retirement contribution is in place. If it isn't, that is the first item for your next budget conversation.