Pension Plan Revisions
In 1917, The Church Pension Fund paid its first pension benefit, and for the past 100 years we have had the honor of administering pensions, retirement savings plans, and other benefits for eligible clergy and lay employees who serve the Episcopal Church.
At the beginning of our 100th year of service, we will be revising the pension and other related plans that we administer to create more modern plans that honor the commitments we have made in the past and that respond to the emerging needs of those we serve. These revisions are expected to take effect on January 1, 2018.
These revisions will maintain the overall value of the benefits provided today and will offer greater flexibility, consistency, and simplicity. Revisions to The Church Pension Fund Clergy Pension Plan and The Church Pension Fund International Clergy Pension Plan recognize emerging types of ministry and address the needs of interim ministers, bi-vocational priests, part-time clergy, and clergy who experience longer breaks in service. Conforming changes to The Episcopal Church Lay Employees' Retirement Plan, The Episcopal Church Lay Employees' Defined Contribution Retirement Plan, and The Episcopal Church Retirement Savings Plan will ensure that consistent definitions of compensation and Highest Average Compensation are used across all plans.
The revisions were designed with input from more than 1,500 individuals from around the Church. This work was collaborative and iterative, which gives the Church Pension Group confidence that we have been successful in creating a pension plan that addresses the evolving needs of those we serve.