The Clergy Pension Plan is provided to: eligible Episcopal clergy serving in a domestic diocese of the Episcopal Church; their eligible surviving spouses or other named beneficiaries; and their eligible children. The plan is designed to offer a dependable source of income replacement in retirement.
This is a defined benefit pension plan, which provides a benefit based on a predefined formula that takes into account your years of service with the Episcopal Church and compensation history. Benefits are funded by employer contributions called Assessments (although there are certain limited circumstances when you may contribute yourself).
If you participate in the Clergy Pension Plan, you, your eligible spouse, eligible children, or other eligible designated beneficiaries may also receive benefits provided by CPF under the following related plans:
- Post-Retirement Medical Assistance Plan (Medicare Subsidy Plan)
- Short-Term Disability Plan
- Long-Term Disability Plan
- Life Insurance Plan
- Child Benefit Plan
Episcopal Clergy serving in a non-domestic diocese of the church participate in a different pension plan called the International Clergy Pension Plan.
If you are a cleric serving in the Diocese of Puerto Rico, you participate in the International Clergy Pension Plan for tax reasons. However, the benefits that you receive are identical to the benefits described in this Guide, and you can use this Guide as your reference.
If you are a cleric serving in another non-domestic diocese of the Episcopal Church, please contact our Client Services group for details about your benefits under the International Clergy Pension Plan and your other benefits.
Sources of Retirement Income
Your pension can help you build a secure future. When planning for retirement, it is important that you look at all of the sources that may be available to you, including:
- Social Security;
- Personal resources, such as individual savings and investments;
- Other retirement benefits you or your spouse may have earned in other professions; and/or
- Income you receive if you choose to continue working in accordance with the Clergy Pension Plan’s Working While Pensioned rules.
Need Help Planning?
To find out how we can help you take control of your financial future, please contact our life and retirement specialists.