Common use of Housing Equity Fund Clause in Contracts

Housing Equity Fund. (PAF, line 2c) $ If a parsonage is provided, a housing equity fund may be established through the General Conference Pension Fund. Contact the fund administrator. This amount shall be up to 5% of the remuneration subtotal (line 1) or 2% of the tax assessed parsonage value. Essentially this is an addition to the regular pension contribution in order to provide funds for the pastor to purchase a home for retirement. As such these funds will be subject to the guidelines of the pension fund. In addition, the pastor may reduce cash salary and place additional funds into this account as long as the pastor follows IRS guidelines for deferred funds. Include any voluntary salary deduction by the pastor on line 1d of the Pastoral Agreement Form (PAF).