Your Benefit

You can begin receiving your benefit as soon as you retire. The amount you receive depends on the value of your account balance. Your options include:

  • Maintaining your savings in the plan until you decide to withdraw some or all of your funds
  • Receiving a lump sum payment
  • Receiving monthly,  quarterly, semi-annual, or annual installments
  • Rolling over your account balance into another retirement plan, IRA, or Roth IRA

If You Leave Your Church Employment Before You Retire

  • You can roll over your account balance to another retirement plan, IRA, or Roth IRA.
  • You can leave your account balance in the Defined Contribution Plan until you are 72 years old.
    • At age 72 you must start receiving annual minimum distribution payments (other rules may have applied if you turned age 70½ prior to January 1, 2020).
  • You can take a distribution from your account, but you may be subject to the 10% tax on early distributions.

If You Become Permanently Disabled While You Are Employed by the Church

  • Your account balance will be payable to you with the 10% tax on early distributions waived.
  • Zurich American Life Insurance Company (Zurich), which has been designated as The Church Pension Fund Medical Board for the Lay Defined Contribution Plan, must certify the disability.

When You Die

  • Your account balance will be payable to your beneficiary or estate.

Pensions Disclaimer