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 they 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, CPF can provide life insurance, disability benefits and other financial security throughout your active ministry. As long as assessments are paid, you benefit from 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.