The Retirement Savings Plan of the Presbyterian Church (U.S.A.) (RSP) is a defined contribution 403(b)(9) plan that allows for tax-advantaged savings. The federal government encourages saving for retirement by offering favorable tax treatment to contributions to a 403(b)(9) plan. The RSP is administered by Fidelity Investments.
The Retirement Savings Plan allows you to save money — through payroll deductions — for your long-term financial goals. You have the option to save money on a pretax basis, Roth after-tax basis, or both. Your employer may also make matching or other contributions to your RSP account. Fidelity Investments provides the record keeping services and investment options for the RSP.
Two forms are required to participate in the Retirement Savings Plan. Designate your contributions on the Salary Deferral Agreement, and specify your investment choices on the Fidelity Investments Enrollment form. Both forms must be completed and submitted to your employer.
The RSP offers you the flexibility to choose how to invest your savings. There are 13 available investment options — including socially responsible funds, a fossil fuel-free global fund, and target date funds that invest based on when you plan to retire.
Federal tax laws limit distributions and withdrawals from the Retirement Savings Plan. Funds may be withdrawn when you retire (at age 55 or older), reach age 59½, become disabled, enter military service, terminate eligible employment, or die. In certain situations, you may be able to borrow from your RSP account or take a hardship withdrawal.