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Pension FAQs

Frequently asked questions 

What's a defined benefit?

The Church Pension Fund is different from a 401(k) and other "defined contribution" plans. In your "defined benefit" plan:

  • Your benefits are assured, even if financial markets decline. Retirement benefits are determined when you retire and increase whenever cost of living adjustments are made.
  • Contributions are pooled. The assessments your employer pays are invested in a general fund of pooled contributions from employers of all paid clergy in the Episcopal Church.
  • Benefits are comprehensive. By pooling investments, the fund can provide life insurance, disability benefits and other financial security throughout your active ministry. As long as assessments are paid, you benefit from your coverage from the time assessments begin all the way through retirement.
  • Benefits are portable within the church. Wherever you work within the Episcopal Church, you carry your pension and other benefits with you.
  • Deacons can participate. You are eligible to participate in the clergy pension plan as soon as you are ordained to the diaconate.
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Can I choose another beneficiary if I elected the Joint &Survivor option and my spouse dies first?

No. The benefit under this option is calculated using your birth date and your spouse's. It cannot be recalculated using another beneficiary's date of birth.
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Can I elect another beneficiary if I elected the 10- or 15-Year Certain &Continuous option and my designated beneficiary has died?

Yes, as long as the 10- or 15-year "certain" period has not expired. For example, If you elected the 10-year Certain and Continuous Option on July 1, 2004 and your beneficiary dies on April 14, 2007, you can choose another beneficiary because the "certain" period will not expire until July 1, 2014.
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Am I still eligible for the lump sum death benefit after I retire?

No. The lump sum death benefit is only available to eligible plan participants who have not retired and are under age 72.
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Are the cost-of-living increases guaranteed like those we receive from Social Security?

No. The Board of Trustees grants cost-of-living increases at its discretion.
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If I receive a very small monthly benefit from the plan, can I cash it out and receive a lump sum payment?

No. Once your monthly benefit has begun, you cannot cash it out.
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