Q. The church is sponsoring a 403(b)(1) annuity and 403(b)(7) custodial account. Their minister is self-employed (performing ministerial services for multiple congregations), but wants to participate in the church’s 403(b) plan. Is that permissible?
A. The minister can participate in the church’s 403(b) plan ONLY if it is a 403(b)(9) retirement income plan. See Treas. Reg. §1.403(b)-2(8)(i)(D).