Workers participating in The Church’s Plan package of benefits through their LCMS employer can save for retirement through the Concordia Retirement Savings Plan (CRSP).
The Concordia Retirement Savings Plan is a 403(b) Tax-Deferred Savings Plan with a matching contribution component. This provides workers with an opportunity to establish a personal retirement savings account to supplement their retirement income from the Concordia Retirement Plan.
Workers whose employers are enrolled in The Church’s Plan, and who are members of the Concordia Retirement Plan are eligible to participate in the CRSP. MetLife will send information on enrolling in the CRSP through their website. Workers can use the Salary Deferral Form to designate the amount contributed each paycheck (effective the first day of the following month).
A 403(b) tax-deferred savings account under the Concordia Retirement Savings Plan allows workers to:
• Save for retirement with pre-tax dollars
• Grow money on a tax-deferred basis
• Diversify a retirement savings portfolio
Basic Match: The Basic Match automatically matches 50% of the first 2% of a worker’s total compensation (up to 1% of his or her total compensation). This program is funded by the employer’s monthly contributions to The Church’s Plan, and the match money is automatically added to the worker’s account at the end of each quarter. Workers receive free money, just for saving for retirement!
Optional Match: Employers have the option to provide an additional match for their workers. They can elect to match 50% of the next 2% or 4% of compensation contributed by their workers (in addition to the 2% already being matched).
Administering the Concordia Retirement Savings Plan is MetLife Resources (a
division of Metropolitan Life Insurance Company). MetLife is one of the largest
and most stable financial services companies in the world and has significant
experience with 403(b) Tax-Deferred Savings Plans. In addition to MetLife’s
focus on the not-for-profit marketplace, MetLife has group relationships with
nearly 90 of the Fortune 100 companies. Their quality record-keeping allows
them to service the group accounts of LCMS employers spread throughout the United States.
MetLife provides the following services:
- Comprehensive
educational materials
- Regional field
representatives for group presentations or one-on-one counseling
- Internet access for
account management by visiting MetLife's website. Members can:
- Check
account balance
- Redirect
future contributions
- Transfer
money
- View
transfer history
The optional advisor program, ProManage, can help in determining the best investment options to meet a worker’s needs. The ProManage PROgram™ constructs an individual portfolio based on the worker’s age, projected Social Security benefits, Concordia Retirement Plan accrued benefits, and CRSP account balance. (ProManage does not take into consideration any other individual assets.)
For more information, please reference the ProManage Brochure.
Upon enrolling in the CRSP, enrollment in the ProManage advisor program is automatic. ProManage will diversify investments into the various funds offered by the CRSP and annually analyze the worker’s portfolio and make any necessary adjustments.
Workers who already have a financial planner can opt-out of ProManage and make their own fund selections by visiting MetLife’s website.
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