Frequently Asked Questions
Who is Envoy Financial?
Envoy Financial is the retirement and investment firm that THERAfuel has partnered with in order to provide you with a retirement plan. Envoy has been around for nearly 30 years, providing retirement plans to church denominations, non-profit organizations, and other faith-based groups. You can visit their website to learn more.
How much of my subscription fees will THERAfuel discount when I contribute to my retirement plan?
How much THERAfuel discounts depends upon which tier you subscribe to, and how much you contribute. In Tier 1 (Growth), THERAfuel will discount up to $75 dollars per month. In Tier 2 (Management), THERAfuel will discount up to $100 per month. In Tier 3 (Duplication) THERAfuel will discount up to $125 a month. In all, when a member contributes at the third tier, they may receive discounts of up to $300.
As an example, if a counselor subscribed to Tier 2 of THERAfuel and contributed $120 per month, she would receive a discount equal to that $120 on her following month’s THERAfuel subscription fees.
What is Biblically Responsible Investing (BRI)?
Biblically Responsible Investing (BRI)—sometimes called Faith-Driven Investing—is a biblical approach to investing where Christians align their investment decisions with their Christian values.
Many Christians have not thought about what their investment dollars are supporting. They invest in companies that manufacture or distribute items that tend toward addictive behaviors, such as alcohol, gambling, or pornography. Other groups may profit from abortion or violations of human rights. BRI screens these types of funds out of a Christian investor’s portfolio.
How much should I contribute to my plan?
That is only something you and your financial advisor can determine. If you need to schedule a session with an Envoy Financial advisor, click HERE.
I have money in a retirement plan someplace else, can I roll it over?
Yes. Our financial advisory team can help you do that. To schedule a rollover meeting, click HERE.
What happens to my money if I ever cancel my THERAfuel Subscription?
Your retirement money is yours, in this retirement plan. That means that you are able to make withdrawals and keep your retirement savings, if you decide to end your THERAfuel subscription.
When I retire, how can I get my money?
You will log into your online retirement account created upon enrollment or speak with an Envoy Financial advisor to set up a distribution schedule.
What kind of retirement plan is this?
Envoy Financial will establish a SEP-IRA account for THERAfuel members. A SEP-IRA is a traditional IRA that follows the same investment, distribution, and rollover rules as traditional IRAs. For more information on SEP-IRAs, click here.
Reasons a SEP is a good choice for counselors.
SEPs allow for varying annual contributions – which is good if cash flow varies for you and/or your employees.
All eligible employees must receive equal contribution percentages, which makes sense if you are self-employed.
What if I have employees?
It is important to recognize that all employees (full time, part time, active, or even terminated during the year) must receive a contribution for the same percentage of compensation as the business owner (up to 25% of compensation). With this in mind, a SEP IRA account may not be ideal if you have employees. For more information please feel free to schedule a session with an Envoy Financial advisor by clicking HERE to review the options most suitable for you.
If you do wish to sign up for a SEP IRA, each employee will need to open their own SEP IRA account, although contributions do not need to be made until business results are prepared, after year-end, in order to calculate them accurately.
I am not a THERAfuel member, can I still join this retirement plan?
In short, yes. Although being a THERAfuel member provides unique benefits (such as discounts based on contributions), you are still able to enroll in this retirement plan without being a THERAfuel subscriber.
Contact Envoy Financial
Still couldn’t find the answers you were looking for? That’s frustrating, but Envoy Financial is here to help. Reach out to them anytime between 10AM-7PM EST, and they’ll make sense of it all.
ENVOY FINANCIAL
5333 N Union Blvd, Ste 200, Colorado Springs, CO 80918
contactus@envoyfinancial.com | (888) 879-1376 | Schedule a call with an advisor