Once you are reach age 65 and are vested in the Plan, your annual retirement benefit equals:
Once you reach age 55 and are vested in the Plan, the annual benefit equals the benefit determined for a person retiring at age 65, reduced by a factor for each month the early retirement date is short of age 65. The factor is actuarially determined based on your age at retirement.
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.