Now that you are receiving your pension benefits, make sure that you understand the benefits you may be entitled to as a participant in the Clergy Pension Plan.
Clergy Pension Plan. Benefits available to eligible participants include:
- Monthly Pension Benefit
- Survivor's Benefits
- Resettlement Benefit
Group Life Insurance. Clerics receiving a pension benefit may be eligible for a group life insurance benefit from CPF. Should you die after you retire, your beneficiary will receive a benefit equal to four times your highest average compensation, with a minimum value of $10,000, and a maximum value of $50,000. See Group Life Insurance for details.
Medicare Supplement Health Plan. Eligible retirees and their eligible spouses can purchase a Medical Trust Medicare Supplement Health Plan to supplement the coverage available through Medicare. CPF provides a subsidy for eligible retired clergy and their eligible spouses toward the cost of these plans.
For more complete information on your pension benefits, see Clergy Pension Benefits or A Guide to Clergy Benefits. Please know that you can always call Client Services at (866) 802-6333, Monday — Friday, 8:30AM — 8:00PM ET (excluding holidays) if you have any questions.
Tips & Resources - Your Pension
- When you retired, you selected benefit options impacting pension benefits to your surviving spouse or eligible beneficiaries. These decisions are irrevocable.
- If you marry in retirement, you have the opportunity to provide a benefit for your new spouse by reducing your pension. There is a 180-day window after your marriage to take advantage of this opportunity. See Life Event Changes for details.
- If you are considering working after you begin receiving a pension benefit, make sure that you understand the Clergy Pension Plan Working While Pensioned guidelines. If you work after retirement in the Episcopal Church, there is a limit to the income you can earn while receiving a pension benefit. Exceeding the limits may impact your pension benefit and healthcare benefits. For more information, see Working While Pensioned.
- Working in retirement may impact your social security benefit. See this Social Security Administration brochure for information about income thresholds and their impact on your social security benefit.
- In retirement you no longer earn years of Credited Service (CS). So while you continue to celebrate Ordination Anniversaries, you are not increasing your benefits or years of CS with CPG.
- You can always view information about your individual pension, retirement savings, medical benefits, and life insurance at MyCPG Accounts.