Retirement plan opened to broad Quaker community

Foundation set for enhanced Friends Retirement Plan

Friends related organizations, meetings and churches now have a new opportunity to help their employees address the number one financial concern of Americans: saving for retirement.* A newly updated Friends Retirement Plan has been opened to the broad Quaker community, thanks to the Friends United Meeting (FUM), the plan’s sponsor.

FUM updated the plan to offer improved retirement services to Friends meetings and churches as well as organizations. The plan also has new partners, Everence, for its investment advice and platform and advisory services for employees, and PenServ Plan Services, for record-keeping and administration.

Here is a quick overview of the plan today:

Type of the plan: A 403(b) church plan, which offers an efficient, financially effective and sustainable framework for organizations offering the plan to employees.

Plan benefits:

  • Connections to a larger group of Friends, so meetings/churches and organizations aren’t going it alone
  • Diversified range of investment options, which make investing as simple or complex as employees want
  • Financial advisors are available to employees to help with investment decisions
  • Roth option, a choice in the plan offering tax savings during retirement, which is particularly attractive to young adult employees

Plan sponsor: Friends United Meeting, an international association of 30 yearly meetings (regional Quaker groups of churches and meetings). The plan was formerly known as the Friends United Meeting Retirement Plan, originally created for FUM staff and pastors.

Who can participate: the plan is open to the broader Religious Society of Friends community in the United States, within and outside of FUM. Friends meetings, churches and nonprofit organizations (such as retirement communities, schools and human services groups) can participate.

Learn more: At its website or contact Colin Saxton, General Secretary, Friends United Meeting, or George Finney, Director of Everence Retirement Services.

*Source: 2015 Gallup annual Economy and Personal Finance survey

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Everence staff