Calculating Benefits1

Normal Retirement

HAC x 1.6% x CS
+ $10,000 x 1.15% x CS
-------------------------------------
= Basic annual pension

Early Retirement

  • Age 60-64 with at least five years of Credited Service
  • The benefit is calculated in the same manner as normal retirement, then reduced by 2/10 of one percent for each month short of normal retirement.

30-Year Early Retirement

  • Age 55 with 30 years of Credited Service
    • The benefit is based on actual years of Credited Service.
  • Before age 62
    • Monthly "bridge benefit“ of $17.50 for each year of Credited Service
  • Between ages 62 and 65
    • The benefit is calculated in the same manner as normal retirement, then reduced by 2/10 of one percent for each month short of normal retirement.
    • Monthly “bridge benefit” of $8.75 per year of Credited Service
    • The bridge benefit ends when the employee reaches 65.

Minimum Pension

  • For clerics who serve the church in low-paying positions for many years and retire with their assessments fully paid
  • The greater the Credited Service, the higher the minimum
  • Only available to clergy who serve at least 80% of their compensated ministry in the U.S.
  • May be available to surviving spouses

1Note: These formulas only apply to clergy serving in domestic dioceses of the Episcopal Church. For the formulas applicable clergy in non-domestic dioceses, please call (866) 802-6333, Monday – Friday, 8:00AM – 8:30PM ET (excluding holidays).

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