Monthly Benefit Plan Payments

Group Insurance Plan: Monthly premiums are shared equally by the employee and the church. ½ of premium is to be deducted from employee payroll and ½ to be paid by the church.

GIP premiums are billed by the insurance company to the national office for all members on plan. The church will receive a premium invoice from the national office at the beginning of the month.

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Pension Plan: Pension contributions are shared by the employee and the church. The employee can contribute between 3-7% of income; the church can contribute between 3-10%. Employee portion is to be deducted directly from payroll.

Pension contributions are not billed by the national office. The church sends PP payments to the national office along with GIP premium payments. Only contributions received will be submitted to the pension company.

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Payments to Foursquare Benefit Plan

Payments for both GIP and PP are to be submitted monthly to the national office made payable to the Foursquare Benefit Plan. A Monthly Payment Distribution Breakdown form should be completed and included with payment.

The following is the entry to be made in recording the payment:

Dr GIP Payable (employee + employer) 0.00
Dr Pension Payable (employee + employer) 0.00
Cr Bank (amount of cheque) 0.00