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To create additional retirement income, you may wish to participate in the Retirement Savings Plan.

Eligible Compensation 

For the purposes of the Lay DB Plan, compensation is defined as:

  • Base salary
  • Overtime
  • Bonuses
  • Special service fees
  • Utilities
    • Allowance you receive to cover the cost of your utility bills, such as fuel, gas and electricity, or
    • The amount your employer pays for utilities on your behalf
  • Housing, calculated based on the formulas noted below.
    • If housing is provided rent-free, the assessable value of housing is calculated at 30% of the sum of your base salary and utilities.
    • If both housing and meals are provided cost-free, the assessable value of housing is calculated at 40% of the sum of your base salary and utilities.
  • All or a portion of severance or pay continuation

What if my contributions (assessments) are in arrears?

The Lay Defined Benefit Plan requires that assessments be paid promptly in order for employees to receive proper credit for their service and compensation earned.  If assessments are not paid in a timely manner, the employee can lose certain benefits and will not receive credit for service or compensation earned after two years of non-payment, unless interest is paid in accordance with the Lay DB Plan rules.

  • CPF will allow you to get credit for service and compensation earned for assessments that are paid more than two years after they are billed.  The late assessments must be paid in full, with interest.
  • Interest will be charged beginning 90 days after the assessment was billed. The interest rate will be equal to  the Lay DB Plan’s discount rate for the period from 90 days after the assessment was billed until the assessment is paid in full.
  • CPF reserves the right to refuse late payment of assessments after more than two years if we feel the late payment is exploitative.

For details, please refer to A Guide To Benefits Under the Lay Defined Benefit Plan

The Lay Defined Benefit Plan is a qualified plan under Section 401(a) of the Internal Revenue Code, but as a church plan, it is not subject to ERISA. The plan's financial condition is disclosed in the Church Pension Group Annual Report.

The Church Pension Fund, as sponsor of this plan, continues to monitor the funding status closely. Like many defined benefit plans, the Lay Defined Benefit Plan currently is not fully funded. The Church Pension Fund retains the right to amend, terminate or modify the terms of the Lay Defined Benefit Plan, including the employer assessment rate, without notice and for any reason.

Pensions Disclaimer

Right Rail

Revisions to Lay DB and Lay DC Plans

The Church Pension Fund has announced revisions to the Lay DB Plan, Lay DC Plan, and the RSVP.
 Learn more

If you are planning on retiring in 2017 or 2018, contact CPG to schedule a discussion at 
(866) 802-6333
Monday – Friday
8:30AM – 8:00PM ET
(excluding holidays)