COVID-19 Resources

COVID-19 Legislative, Regulatory Updates

Repayment Option for CARES Act Distributions

updated 4/30/21

The Coronavirus Aid, Relief, and Economic Security Act (‘CARES Act’) was signed into law on March 27, 2020 and created a new emergency retirement plan distribution option called the coronavirus related distribution (‘CRD’).   A CRD was available to eligible participants from their PCA Retirement Plan accounts beginning on January 1, 2020 and ending on December 30, 2020.   These special distributions could be taken in any amount up to $100,000 and the usual 10% penalty tax was waived.

If you took a CRD from your account in 2020, you can avoid a potential tax hit by putting some or all of the CRD back in your account within three years from the date you took the distribution.

Stimulus Package, Part 3: The American Rescue Plan 

updated 3/16/21

On Friday, March 11, President Biden signed the $1.9 trillion-dollar American Rescue Plan Act of 2021 into law. This third iteration of fiscal spending associated with the pandemic is the second largest since the CARES Act was signed into law in March of last year. Whether you agree or disagree with the need, the details, or the amount, this Act contains a tremendous amount of stimulus funding and many economists state it will ‘turbo-charge’ the economy as the elements, including direct payments to individuals, ‘ripple’ throughout the nation.

Consolidated Appropriatons Act of 2021

updated 1/15/21

On December 27, 2020, President Trump signed the Consolidated Appropriations Act of 2021  (“CAA” or “Act”), which included an additional $900 billion in stimulus efforts tied to the COVID-19 pandemic, into law. There are a number of provisions in the Act that are important to nonprofit organizations, including churches, church-related or private religious schools, and private higher education institutions within the 5,593-page Act.

Coronavirus Preparedness and Response Act (CPRSA)

updated 3/6/20

The CPRSA Provides emergency funding for federal agencies including the CDC, FDA, NIH, the State Department, SBA, and the USAID.

Coronavirus Aid, Relief & Economic Security Act (CARES Act*)

updated 8/26/20

*includes Paycheck Protection Program (PPP)

The CARES Act provides a multitude of assistance to churches and their employees, including the following: Payroll Tax Relief, Pandemic Unemployment Assistance Program, Paycheck Protection Program, Charitable Contribution Incentives and Retirement Plan Enhancements.  To determine how the Paycheck Protection Program can be helpful to your church read our Summary or watch our Video.

This afternoon (4/21/20), Congress struck a deal with the White House to pump an additional  $480 billion in financial assistance to small businesses and hospitals.  Of particular note, there is an additional $310 billion allocated to the popular Paycheck Protection Program.  This program ran out of funding late last week.  – 4/21/20

 

RBI COVID-19 Related Communications

 

Ministry Expansion Announcement

Ministry Expansion Announcement

In response to COVID-19 RBI is offering access to 7 no-cost counseling sessions for up to 200 PCA pastors and spouses from May 1st – July 31, 2020.

The CARES Act/ Paycheck Protection Program

The CARES Act/ Paycheck Protection Program

The Coronavirus Aid, Relief, and Economic Security (‘CARES’) Act was signed into law on March 27th and it includes several key provisions PCA Retirement & Benefits (RBI) believes will benefit our retirement plan participants.

VIDEO: Market Update with Gary Campbell

VIDEO: Market Update with Gary Campbell

RBI President Gary Campbell provides insights on recent market volatility and answers some frequently asked questions about its impact on your retirement savings.

Coronavirus and Your Investments Update

Coronavirus and Your Investments Update

Here at PCA Retirement & Benefits (RBI), we are taking unprecedented actions to mitigate the impact of this growing threat to our employees and making certain our pledge of service to the employees of the Presbyterian Church in America (PCA) continues without change.

Coronavirus and Your Investments: 5 Things to Know

Coronavirus and Your Investments: 5 Things to Know

The spread of the coronavirus has caused concern around the world and its effects have been felt in the stock market. Here are 5 things you need to know about its impact on your retirement savings.

If you have a church or Christian school staff of at least 15 people, we’d love to talk with you about setting up a meeting specifically for your staff.  Please complete the Seminar Request Form and we will reach out to you.

About PCA Retirement & Benefits

We guide PCA pastors and ministry workers through the complexities of financial planning and employee benefits, so they and their families are able to live generously in every season of ministry.

 

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