Requesting Your Pension Benefits

Requesting Your Pension Benefits

In general, you must contact CPF to request a retirement package at least three months prior to the date you want to retire. Retroactive retirements are not generally permitted.

As part of the retirement process, you will choose a form of payment and, if applicable, designate a beneficiary. You should plan to send your completed retirement application and all required forms to CPF at least four weeks prior to your anticipated retirement date in order for our Client Services group to process your retirement for that date, although there is one application filing exception noted below. If CPF receives your completed paperwork fewer than four weeks in advance, but in any event prior to your anticipated retirement date, then your retirement date will be honored, but payment of your benefit may not commence on time. If CPF receives your completed paperwork on or after your anticipated retirement date, then your retirement date will not be honored, and it will be pushed back to the first of the month following CPF’s receipt of your completed paperwork (and may result in a recalculation of your benefits).

For Example:
The Rev. Dr. Jane Roberts wishes to retire on January 1, 2026. She must contact CPF to request a retirement package by no later than October 1, 2025. If she contacts CPF on October 3, 2025, the earliest that she can retire is February 1, 2026.

Let’s assume that Dr. Roberts contacted CPF on or before October 1, 2025, to request a retirement package with a January 1, 2026, effective date. Dr. Roberts should plan to send CPF all completed paperwork by December 3 if she wants to receive her first benefit payment by January 1. If CPF receives her completed paperwork between December 3 and 31, her first payment may not be made until February 1, 2026, but she will receive a retroactive payment for her January benefit. If CPF receives her completed paperwork on January 2, 2026, then her January 1 retirement date will not be honored, and her retirement date will be pushed back to February 1.

Important note: You should obtain the signature of your canonical bishop (or, in his or her absence, the Ecclesiastical Authority of the diocese where you are canonically resident) on your application for retirement. Your canonical bishop’s signature does not necessarily have to be submitted at the same time as your own signature on the retirement application (and the option election form, if applicable), but it does need to be submitted before you can commence receipt of your pension. If you are age 72, or are deposed or removed, your canonical bishop’s signature is not required.

Application filing exceptions: CPF recommends that you file a retirement application to ensure that you select the payment option that meets your needs and, if you desire, designate a beneficiary to receive a benefit following your death. Please note, however, that CPF will automatically begin pension payments once you reach the Mandatory Church Retirement Age (age 72) even if you do not complete a retirement package, provided that CPF has verified your identity and address and has a valid Social Security number (or Individual Taxpayer Identification Number) on file for you. In addition, payment may be delayed, as determined by CPF, if employer Assessments are outstanding.

See When Your Pension Benefits Begin for more information about this situation. If CPF does not receive a completed retirement application on time, and your pension benefit automatically will commence (as explained above), your pension benefit will be based on the normal form of payment and your marital status in CPF’s records at that time. If you want to choose your form of pension payment and/or designate a beneficiary, we encourage you to contact our Client Services group at least three months before you turn age 72.

Receiving Your Pension Payments

CPF strongly encourages you to have all retirement benefit payments sent directly to your bank by electronic transfer. Using this method allows CPF to transmit retirement benefit payments into your bank account, which helps to ensure that they arrive safely and are deposited on time. All you need to do is complete a Direct Deposit Authorization Form. Once the banking relationship is established, there is no need for further maintenance, unless your banking information changes.

Benefits Designated as Housing Allowance

CPF’s Board of Trustees designates the full amount of each benefit paid to retired or disabled clergy, including the Christmas benefit, the resettlement benefit, disability benefits, and the bridge benefit (if applicable), as eligible for the Internal Revenue Code Section 107 housing allowance exclusion. This means that you may be able to exclude the portion of your benefits that is used for housing expenses from your taxable income. However, the amount of the housing allowance that you may exclude on your federal income tax return cannot exceed the lowest of

  • the total amount you actually spend during the year for items that directly relate to renting or providing a home, or
  • the fair rental value of your home (including garage, furniture, and appliances) plus the cost of utilities, or
  • the retirement or disability benefits received.

The resettlement benefit is considered to be part of your retirement benefits for federal income tax purposes (unless you elect to roll it over to an eligible retirement plan or individual retirement account). As such, it is also included in the amount designated as a housing allowance. As a result, the limits above apply to both the monthly pension benefit and the resettlement benefit in the calendar year in which you receive them.

If you do not plan to take the housing allowance exclusion on the entire amount of retirement benefits that you receive in a calendar year, you may elect to have federal and/or state income taxes withheld. To do so, please contact our Client Services group to obtain the proper forms. You may change your withholding at any time by contacting Client Services.

The housing allowance exclusion is only available to ordained clergy and ends in the event of your death. It is not available to your surviving spouse or dependents.

Each year, CPF publishes both a Tax Guide for Episcopal Ministers and the Federal Reporting Requirements for Episcopal Churches that may contain useful information for you and your employer. We encourage you to share these materials with your individual accountant or tax advisor. You may also call our Tax Hotline for assistance.

Mistaken or Delayed Payments

If you or your survivors receive incorrect payment(s) for any reason, overpayments may be charged against, and underpayments may be added to, any benefits otherwise payable to you or your survivors. Interest may be charged or paid, depending on the circumstances.

CPF reserves the right to delay the payment of a benefit until you or your survivors provide all required information and/or documentation. In general, if payment is delayed for this reason, no interest will be payable to you or your survivors once the benefit commences.

A Guide to Clergy Benefits - English (PDF)
A Guide to Clergy Benefits - Spanish (PDF)
Guide to Clergy Benefits Disclaimer

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