The Clergy Pension Plan allows you to name beneficiaries for certain survivor's benefits.
Prior to your retirement, you may designate:
- Up to 3 beneficiaries other than your spouse, and who are not your children
- Your children, with no limit on the number of beneficiaries if the children are the only named beneficiaries
There are special restrictions if:
- The beneficiary is under the age of 22 at the time of the your death
- The beneficiary is an estate or trust
- The beneficiary is a special-needs trust established for a disabled child
For details, see the Guide to Benefits Under the Clergy Pension Plan.
If you are divorced, and your former spouse was named as a beneficiary of your survivor’s benefits, your former spouse will remain as a beneficiary unless you designate another beneficiary or remarry. For more information see Marriage and Divorce.
If you have no spouse or children and do not name a beneficiary, no survivor benefits will be paid.
If You Die Before You Retire1
Your eligible named beneficiaries may receive the following benefits:
- Monthly Benefit - The amount of the benefit is determined using rules provided in the Guide to Benefits Under the Clergy Pension Plan.
- Lump Sum Death Benefit - The Lump Sum Death Benefit is $5,000 and will be paid to your eligible named beneficiaries.
- Life Insurance - A life insurance benefit may be paid to your eligible named beneficiaries if you die while you are in active service or have at least 25 years of Credited Service (CS).
- The life insurance benefit is equal to four times your total compensation with a maximum value of $100,000.
See Life Insurance for more information
- Resettlement Benefit - A Resettlement Benefit is provided to eligible named beneficiaries. It is equal to 12 times the monthly retirement benefit you would have received, up to a maximum of $20,000. The minimum benefit is equal to $100 for each year of your Credited Service projected to age 65, up to a maximum of 20 years.
- Other Benefits - The Clergy Pension Plan provides additional benefits, including a Christmas bonus and discretionary cost of living increases for eligible named beneficiaries receiving a monthly benefit.
If You Die After You Retire1
Your eligible named beneficiaries may receive:
- Life Insurance – A life insurance benefit may be paid to your named beneficiaries if you retired directly from active service or have at least 25 years of Credited Service (CS).See Life Insurance for more information.
- The life insurance benefit is equal to four times your Highest Average Compensation (HAC), with a maximum of $50,000 and a minimum of $10,000.
See Life Insurance for more information.
1There may be additional restrictions regarding eligibility for survivor’s benefits. For more information, see the Guide to the Clergy Pension Plan.
Contact Client Services to review your current beneficiaries and make any updates.
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