Latest Updates

2023 Imputed Income Report

Section 79 of the Internal Revenue Code requires that employers calculate imputed income for employees who receive group term life insurance coverage in excess of $50,000. Employees who have this type of group term life insurance coverage are required to pay income taxes and employment taxes on the value of that insurance coverage in excess of $50,000.

We have done the calculations for you. 2023 Imputed Income Reports for group term life insurance provided by The Church Pension Fund (CPF) through Church Life Insurance Corporation (Church Life) valued at over $50,000 are now available in the My Admin Portal (MAP).

You can access the file for your institution by logging into MAP with your username and password. To access the 2023 Imputed Income Report for your group, click on “Reports” located in the top navigation bar. Then select “Diocesan & Institutions” and select “Imputed Income Reports.”

• What Is Included in the Calculations?

  We provide each diocese with the following information in a downloadable Excel spreadsheet:

  • The names of all activeclergy and lay employees in your diocese who have had group term life insurance coverage at any time throughout the year. Please note that retired clergy will not appear on these reports.
  • The amount of group term life insurance coverage provided.
  • The amount of imputed income, if any, that will need to be reported on the employee’s Form W-2 in Box 1. We compile the data in November to ensure that we have the reports ready by early December. The figures are computed based on the assumption that the employee has the coverage through December 31, 2023. If an employee does not have coverage through December 31, the figure for that employee will have to be manually calculated.
• Timely Reporting

  You must supply the imputed income figures we give you to the parishes/ institutions within your diocese in a timely manner so that they may include this amount on the employee’s Form W-2 in Box 1.

  In addition to the reports being made available to diocesan administrators, CPF will mail letters by December 22, 2023, informing both active and retired clergy about imputed income and their personal 2023 imputed income totals.

Questions? Please email imputedincome@cpg.org.

• Letter to Active Clergy
• Letter to Retired Clergy
• Letter to Active Clergy (no employer)
• Letter to Active Clergy (Spanish)
• IRC Calculation Table

Life Insurance Disclaimer

 

Update to New Hire Process

Diocese Administrators may now assign self-enrollments to new employees for group health and disability benefits. This streamlined approach, which will be rolling out to Institution Administrators in early 2024, will allow administrators to enter personal and employment information and manage enrollments in retirement and group benefits all in one workflow.

Please watch this webinar on the new process for more information.