The Concordia Retirement Savings Plan (CRSP) is an employer-sponsored, 403(b) tax-deferred savings plan. This provides workers with an opportunity to establish a personal retirement savings account to supplement their retirement income from the Concordia Retirement Plan.
Workers whose employers have adopted the Plan, and who are members of the Concordia Retirement Plan are eligible to participate in the CRSP. MetLife will send information on enrolling in the CRSP through their website. Workers can use the Salary Deferral Agreement to designate the amount to be contributed each pay period.
The Concordia Retirement Savings Plan allows workers to:
- save for retirement with pre-tax dollars (including pre-SECA tax), lowering their taxable income
- watch their account grow on a tax-deferred basis
- diversify a retirement savings portfolio