//Retirement
Retirement2018-10-19T08:47:41+00:00

Retirement

The Clergy Retirement Security Program (CRSP) is a retirement program that offers:

  1. Security through a defined benefit (DB) component that gives a lifetime retirement income based on a defined formula
  2. Flexibility through a defined contribution (DC) component that provides an account balance you can access as your retirement needs require

You are eligible to participate if you are a clergy member or local pastor under full-time Episcopal appointment to a conference, church, district or conference-controlled entity and you are receiving compensation.* Part time clergy at ½ time or higher can also participate. CPP is also available for all full time appointments and Ordained or Provisional members appointed at ¾ time. You can begin receiving your pension benefits at normal retirement after 40 years of service or at age 65, early retirement after 30 years of service or at age 62, or age 62 after termination of conference membership.

Also available is the United Methodist Personal Investment Plan (UMPIP). Clergy and Lay employees are eligible for UMPIP. It is designed to provide one piece of your overall retirement portfolio. Clergy are immediately eligible to participate. Lay employees are eligible after 90 days of employment. Both Clergy and Lay employees are eligible for matching portions. Some of the features include convenient before-tax, Roth and/or after-tax contributions in a flat dollar amount or percentage of your eligible compensation (up to Internal Revenue Code limits), plan sponsor matching contributions, accepts eligible rollovers, a variety of investment fund options, LifeStage Investment Management and LifeStage Retirement Income account management suite, and Hardship loans and withdrawals.

*Note: If you are a clergy member or local pastor assigned to an extension ministry that is not conference-controlled, you are no longer eligible for Conference benefits. You become an employee of the extension ministry and eligible for any benefits offered by that third-party employer.