Overview
Several years ago PI wanted to give members and staff the ability to save in retirement plans even while overseas. The challenge at that time was that the law didn't have any available retirement plans for missionaries who were claiming the the Foreign Earned Income (FEI) Exclusion. Thus, they contacted American Funds to allow for PI members to save in a brokerage account (non-qualified). Since then, the laws have changed and now allow for members to save in the 403(b) plan while claiming the FEI Exclusion. So, PI no longer processes payroll deductions to these savings accounts, however, you can continue to make deposits into these accounts by sending a check directly to PI.
This savings account has no tax advantages. You receive a 1099 DIV each year that will indicate all capital gains, interest and dividends you are responsible to report on your taxes. American Funds has enabled you to invest in any of their mutual funds at NO SALES CHARGES. This means that you will not be charged the typical 5.75% sales charge upon purchase. For more details on this contact FMN.
Click here for the American Funds Website ▸
American Funds FAQ
HOW DO I: VIEW MY ACCOUNTS ONLINE?
Login to www.americanfunds.com
If you do not currently have a login/password, click on ‘New to our Site?’ and follow the directions.
Have your account number and social security number ready.
HOW DO I: GET A NEW PIN NUMBER FOR ONLINE ACCESS?
Go to www.americanfunds.com to the account login section. You will be prompted.
HOW DO I: UPDATE MY BENEFICIARIES?
After-tax Savings accounts do not have named beneficiaries however you can re-register the account to a T.O.D. (Transfer on Death) account. The beneficiaries will then be listed on the account.
To re-register your After-tax Savings account to a T.O.D. account please contact FMN by clicking on the “Contact FMN” tab on this website.
The appropriate form will be provided to you. Please indicate in your note how you would like to receive this: email attachment, fax or mail. Be sure to include your email address, fax number or current mailing address.
HOW DO I: CHANGE MY ADDRESS (CURRENT MEMBER, RETIREES AND FORMER MEMBERS) ?
Please Contact Ginny Mauger at PI in Orlando at (407) 382-6000
HOW DO I: MAKE A DEPOSIT TO ONE OF MY ACCOUNTS?
All contributions to the American Funds accounts must be made through PI. Please make a check payable to Pioneers, mail check and investment instructions to:
Pioneers
Attn: Ginny Mauger
10123 William Carey Drive
Orlando, FL 32832
HOW DO I: WITHDRAW FUNDS FROM ONE OF MY ACCOUNTS?
Please Contact FMN at 949-455-0300
HOW DO I: SIGN UP FOR ELECTRONIC DELIVERY OF ACCOUNT INFORMATION?
Login to www.americanfunds.com
Click on ‘Learn More’ under ‘Go Paperless’ and follow the steps
HOW DO I: GET DUPLICATE COPIES OF MY TAX FORMS?
Go to www.americanfunds.com
Click on ‘Your Accounts’, ‘Account Summary’
Under Account Services click on ‘View/Order Tax Forms’
*Note: You may not receive certain tax forms for your account if you have not had any transactions in the last year. If you’re not certain, contact American Funds at (800) 421-0180.
HOW DO I: REPORT CONVERSIONS FROM AN AMERICAN FUNDS IRA ON MY TAXES?
As you are aware, we converted some of your IRA at American Funds into your Roth IRA at American Funds. This resulted in a taxable event and as such needs to be correctly reported on your 2021 tax return.
You will receive IRS Form 1099-R from the American Funds reporting the amount that was converted from your IRA. The amount converted should be reported in box 1 of the 1099-R as the Gross Distribution. That same dollar amount should also be in box 2a as the Taxable Amount and box 2b will show “taxable amount not determined.” Box 7’s Distribution Code will be “7” if you are over age 59 ½. If you are under age 59 ½ the code will be “2”.
On your IRS Form 1040 for 2020 the amount converted needs to be reported on both line 4a and 4b.
You will also need to complete IRS Form 8606 and submit this form with your tax return.