The tax legislation signed into law today by President Trump will not require changes to the Benefits Plan or its core benefits. Other tax-advantaged employer benefits and individual deductions are affected by the far-reaching law.
Most of the law’s changes, including the tax rate changes, are effective January 1, 2018, demanding that employers and individuals take action early in 2018, once the Internal Revenue Service releases implementation guidance. We will share this information and other outside resources as they become available.
The Board of Pensions will post educational resources for church employers and members on its Board University site throughout the transition. We will promptly update our tax and financial planning resources and publish Q&A’s as needed. We intend to develop an updated Tax Tips webinar for employers and make it available to employers and members.
As always, employer services and member services representatives are available to provide guidance Monday through Friday at 800-773-7752 (800-PRESPLAN), 8:30 a.m.-5 p.m. ET.