Concordia Plan Services supports church workers through retirement by offering the Concordia Retirement Plan and the Concordia Retirement Savings Plan.
The Concordia Retirement Plan (CRP) is comprised of three benefit components. They are: Primary Retirement Benefit, Supplemental Retirement Account, and a Retiree Medical Supplement Benefit.
The Primary Retirement Benefit is a defined benefit plan that provides retirees with a monthly benefit amount based on salary, years of CRP participation, Social Security Integration level (if applicable), and the distribution option selected by the retiree.
The Supplemental Retirement account is a cash balance account that complements the Primary Retirement Benefit to provide additional retirement income.
The Retiree Medical Supplement is an additional monthly benefit introduced in January 2006 for workers of employers participating in The Church’s Plan.
The CRP also provides survivor benefits in the event of your death. If you die before retirement and have at least five years of creditable service (period of time actually enrolled in the Plan), a monthly income benefit is payable to your eligible surviving spouse for the rest of his or her life. If you die after retirement, your eligible dependents may receive a monthly income benefit and lump-sum death benefit. There is also a lump-sum death benefit paid to you if one of your eligible dependents predeceases you after your retirement.
Your eligibility for benefits in each CRP component depends on whether or not your employer participates in the Plan or has joined The Church’s Plan and has notified the Plan of your eligibility to be enrolled.
The Concordia Retirement Savings Plan (CRSP) is a 403(b) tax-deferred savings plan that allows workers to invest pre-tax dollars for retirement. Concordia Plan Services offers a Basic Match, and employers can choose to offer an additional Optional Match. This Plan is part of The Church’s Plan and is administered by MetLife. Workers are eligible to participate in the CRSP if: they are enrolled in the Concordia Retirement Plan, and their employer is enrolled in The Church’s Plan.
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