The Clergy Pension Plan provides additional benefits for you at and after retirement.
A lump sum Resettlement Benefit is provided to clergy upon retirement to help with the expenses associated with relocation.
- Eligible clergy must have earned at least 18 months of Credited Service (CS) in the 24 months prior to retirement. There are some exceptions. For more information, see A Guide to Benefits Under the Clergy Pension Plan.
- The benefit is equal to 12 times your monthly retirement benefit, or $20,000, whichever is less. The minimum benefit is equal to $100 for each year of Credited Service, up to a maximum of 20 years.
- The benefit can be paid in a lump sum at the time of retirement or, at your option, rolled over to your RSVP account, other eligible retirement plan, or individual retirement account. For information about the accounts offered by CPF and Church Life, see RSVP and IRA Rollovers.
- The Resettlement Benefit has tax implications. See your financial advisor to determine the impact of the different options on your tax liability. See Tax Resources for more information.
Each December an additional benefit is provided to retired clergy in the amount of $25 times their years of Credited Service (CS), up to a maximum of $1,000.
- Eligible beneficiaries receive a Christmas benefit equal to $20 times the cleric's years of Credited Service, up to a maximum of $800
- Surviving dependent children receive an amount equal to their monthly benefit.
From time to time, CPF approves a cost of living increase for the retired members, surviving beneficiaries, and dependent children of the Clergy Pension Plan to ensure that the purchasing power of the benefits remains constant over time. See Cost of Living Increase for more information.