Pension Benefits
The below link is for you to schedule a confidential 30-minute one-on-one consultation with a member of the Wespath Benefit Education team. They are here to help you understand your pension projections and answer your specific questions.
One-On-One Consultations with a Wespath Benefits Educator
Planning for the future....or looking to retire?
View the videos below for resources on retirement.
Clergy Retirement Planning Session
Social Security
Dissolve That Debt
Achieving Financial Wellness
Estate Planning Basics
Clergy Retirement Security Plan (CRSP)
CRSP is a retirement plan administered by the Wespath Benefits & Investments. It is a “church plan” in accordance with the Internal Revenue Code. CRSP benefit is a benefit that is paid by the church for the clergy and is determined based on plan compensation.
Plan compensation is cash salary plus housing allowance or cash salary plus 25% of cash salary for pastors living in a parsonage. For the purpose of calculating pension benefit premium – 25% of cash salary is the value of parsonage.
CRSP has two components, CRSP-DB and CRSP-DC.
- Defined Benefit (DB) provides a monthly retirement benefit that is calculated using the following formula = 1.25%xDAC at retirement, multiply by years of credited service (reduced for less than full-time appointment) divide by 12 from 1/1/07 through 12/31/13
- Defined Benefit (DB) provides a monthly retirement benefit that is calculated using the following formula = 1.00%xDAC at retirement, multiply by years of credited service (reduced for less than full-time appointment) divide by 12 after 12/31/13
- Defined Contribution (DC) provides convenient distribution options at retirement. This includes a lump-sum distribution, partial distributions or a series of regular payments called “cash installment.”
» See CRSP Summary Plan Description for more information.
Welfare Benefits
Comprehensive Protection Plan (CPP)
The Comprehensive Protection Plan (CPP) provides welfare benefits including disability, death and survivor benefits for clergy and their family. CPP benefit is a benefit that is paid by the church for the clergy.
Disability Benefit
- There is no waiting period for any eligible CPP participants.
- If approved for CPP Medical leave, the benefit is equal to 70% of total compensation at the time of disability, less any Social Security benefits.
- The Plan (CPP) will make contributions to your CRSP-DC pension account while disabled.
Death Benefit
- $50,000 for active clergy, 20% of DAC for spouses of active clergy
» See CPP Summary Plan Description and CPP – 2024 Benefits Amount for more information.
UM Life Options
- Eligibility: full, provisional, associate members and clergy of other Methodist denominations appointed 25% or 50%.
» See UMLife options document for more information
Additional Welfare Benefits
Voluntary Transition Program
The Voluntary Transition Program was developed to provide transitional benefits to facilitate a grace-filled exit from ministry. This program must be approved by the Bishop, District Superintendents, and Board of Ordained Ministry Conference Relations Committee.
To be eligible for this program a clergy must:
- Be a clergy in full connection for a minimum of five years, enrolled in CPP, and in good standing.
- Surrender credentials.
Grief Support Services
Participants enrolled in CPP and their dependents have access to free and confidential short-term counseling services. These services are available 24 hours a day, seven days a week, by calling the Employee Assistance Program (EAP) at 866-881-6800.
Services include:
- Depression, anxiety, and stress
- Financial and legal issues
- Funeral Arrangements
United Methodist Personal Investment Plan (optional)
The United Methodist Personal Investment Plan (UMPIP) is a personal investment plan available to all Clergy.
Benefits
To enroll, please complete the contribution election form and send it to Wespath following the directions on the form. This form must also be signed by the church treasurer. For more information please contact Wespath at 1-800-851-2201.