- Assessments are payable when billed.
- The Church Pension Fund monthly reports to the diocese show the status of assessment payments and compensation information.
- Late payments may jeopardize benefits and may result in interest charges.
- Each assessment payment adds to the cleric's Credited Service. Clergy will not earn Credited Service for periods of service for which assessments are not paid.
Please note: Credited Service is based on years of service for which assessments are paid, not years of service to the Church.
Benefits at Risk
If assessments are unpaid for more than six months, benefits at risk include:
- Projected Credited Service, which affects:
- Benefits for a spouse or named beneficiary if the cleric dies before retirement
- Disability benefits
- Benefits for eligible dependent children
- The lump sum death benefit*
- The Life Insurance Benefit*
- The resettlement benefit
* Unless the cleric has earned more than 25 years of Credited Service in the clergy pension plan.
If a Cleric's Assessments are in Arrears
The Clergy Pension Plan requires that assessments be paid promptly in order for clergy to receive proper credit for their service and compensation earned. If assessments are not paid in a timely manner, the cleric can lose certain benefits after 6 months and will not receive credit for service or compensation earned after two years of non-payment, unless interest is paid in accordance with the Clergy Pension Plan rules.
- CPF will allow the cleric to get credit for service and compensation earned for assessments that are paid more than two years after they are billed. The late assessments must be paid in full, with interest.
- Interest will be charged beginning 90 days after the assessment was billed. The interest rate will be equal to the Clergy Pension Plan’s discount rate for the period from 90 days after the assessment was billed until the assessment is paid in full.
- CPF reserves the right to refuse late payment of assessments after more than two years if we feel the late payment is exploitative.