The ELCA Institutional Savings Plan provides employees the opportunity to contribute additional tax-deferred contributions to increase retirement savings. Employees pay no income tax until they begin making withdrawals.
Employees choose from five different funds to create their investment mix.
Social purpose funds are available for those concerned with social and investment criteria. The plan offers employees considerable flexibility in the payment of benefits. The employee decides how the member-savings account is invested. To receive employer-matching contributions, an employee must meet certain eligibility requirements. Employers designate the matching amount, based on the employee's salary-reduction contributions.