Assessments are billed in advance, monthly or quarterly, and are payable when billed.
Late payments may jeopardize benefits and may result in interest charges. CPF's monthly reports to diocesan offices include the status of assessment payments and compensation information.
Pension benefits are based on participation in the plan and are determined based on a cleric's years of credited service and highest average compensation over the cleric's ministry. Each assessment payment adds to the cleric's earned credited service. When assessments are unpaid, the cleric's pension account does not reflect his or her actual service to the church.
Note: Credited service is based on years of service for which assessments are paid, not on years of service to the church.
If assessments are unpaid for more than six months, benefits at risk include:
- projected credited service, which affects:
- benefits for a spouse or named beneficiary if the cleric dies before retirement
- disability benefits
- benefits for eligible dependent children
- the lump sum death benefit
- the life insurance benefit
- the resettlement benefit