403(b) Retirement Program

The AACS 403(b) Retirement Plan provides participants a convenient way to use pre-tax dollars to save for retirement with the added benefit of tax-deferred income.

The AACS has partnered with PenServe, an independent TPA (Third Party Administrator), to provide the administrative and customer service needs of the Plan.

• PenServ handles all the recordkeeping, plan design, consulting, document preparation (including Form 5500), and compliance issues for the AACS Plan.

• PenServ coordinates all participant activity between vendors; monitors IRS limits to eliminate excess deferrals; provides payroll reconciliation tracking data; designs the Plan Document and participant agreements (for different ministry specific matching or vesting schedules); provides notifications of hardship suspension and reinstatement, administers participant loan agreements, and has a dedicated plan representative for the AACS Plan.

• The PenServ web portal will allow pre-approved access for ministries that want to track and confirm their employee contributions though PenServ to the various fund choices.

• PenServe has established an AACS Administrative Team to assist participating ministries and Plan participants.  You may reach a member of this team by calling: (803) 354.5005, or (800) 849.4001 – ext. 5005, or by email: (aacsadmin@penserv.com). This Team will be available during normal business hours from 8:00 AM to 6:00 PM EDT, Monday – Friday.

• Currently the AACS Plan uses the AIM family of funds and American funds as investment choices for Plan participants. 

• Additional fund providers and fund choices will be added to enhance the Plan.

• A guaranteed issue contract (GIC) will also be added in the future.