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Benefits are secure
Even in these trying times, your benefits are secure.
Benefits include:
- Pension benefit, paid monthly
- Disability coverage
- Surviving child benefit
- Life insurance for active clergy. While you are working and meet eligibility requirements, the Church Pension Fund provides a life insurance benefit equal to four times your current total compensation, with a maximum value of $100,000. View details on additional life insurance
- Life insurance for retirees. If you are eligible, you will receive a life insurance benefit in retirement equal to four times your highest average compensation, with a maximum value of $50,000 and a minimum value of $10,000. This benefit is provided to all clergy who retire directly from active service or who have earned at least 25 years of credited service.
- Lump sum death benefit if you die before retirement and your assessments are fully paid, or you have earned 25 years of credited service. Your designated beneficiary(ies) will receive a lump sum benefit of $5,000. If no one is named, or if you choose, the lump sum will be paid to your estate.
- Surviving spouse and adult beneficiary benefits. View details on your spouse's benefits if you die before retirement or after you retire.
- Cost of living increases. In many years, CPF voluntarily increases benefits to ensure that as a retiree, your purchasing power remains constant or grows over time. These increases are partly determined by inflation and have a cumulative impact on a pension.
- Christmas benefit—13th check. Each December, all retired clergy on the pension rolls receive an additional benefit of $25 times the number of years of credited service up to 40 years. Eligible surviving spouses receive an extra payment of $20 per year times their spouse's years of credited service, and surviving dependent children may receive an amount equal to the monthly benefit they receive.
- Resettlement benefit. To help clergy move when they retire, CPF provides a lump sum resettlement benefit to retiring clergy who have earned at least 18 months of credited service in the two years before retirement. The benefit equals 12 times your monthly retirement benefit to a maximum of $20,000. At a minimum, this benefit is $100 for each year of credited service up to 20 years.