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Benefits for workers enrolled in the Concordia Retirement Plan will be changing effective July 1, 2014. The information here applies through June 30, 2014. To learn about the changes to benefits, click here.

Concordia Plan Services is proud to offer a comprehensive retirement package to assist workers with their retirement planning.

The CRP Traditional Option has the following benefits:

Primary Retirement Benefit (PRB) offers a retirement income benefit that allows early retirement at age 55, normal retirement at age 65, or later retirement after age 65. Workers are fully vested in the CRP after five years of creditable service in the CRP is earned.

Supplemental Retirement Account (SRA) is a cash balance account that is an additional means of providing retirement benefits along with the Primary Retirement Benefit. The benefit accumulates through compensation and interest credits. Workers are vested after earning five years of creditable service in the CRP. A distribution is available upon retirement or termination, or can be delayed but must occur no later than age 65 for vested terminated or retired members.

All eligible workers are enrolled in the Traditional Option unless an employer elects the Account Option for certain lay workers.

The CRP Account Option has the following benefit:

Retirement Cash Account (RCA) is a cash balance account that accumulates through compensation and interest credits. Workers are vested after earning five years of creditable service in the CRP. Distribution is available upon retirement or termination, or can be delayed but must occur no later than age 65 for vested terminated or retired members.

Enrollment in the Account Option is available to eligible workers who, after the effective date of the employer’s Account Option Election:

  • are hired,
  • are re-hired,
  • transfer to the employer from another LCMS employer, or
  • are newly eligible for CRP participation.

The Account Option is not available for rostered workers; they are only eligible to be enrolled in the Traditional Option.

If an employer is enrolled in The Church’s Plan, workers are also eligible to earn credits toward the Retiree Medical Supplement, an additional monthly income benefit. The benefit accumulates through an annual service credit for each year the member works for an employer participating in The Church’s Plan. This benefit is available to workers enrolled in either the Traditional Option or the Account Option who meet certain age, service, and participation requirements.

The CRP also provides survivor benefits in the event of a member’s death. If the member dies before retirement and has at least five years of creditable service, a monthly income benefit is payable to his/her eligible surviving spouse for the rest of the spouse’s life. If the member dies after retirement, the member’s eligible dependents may receive a monthly income benefit (depending upon the distribution options selected) and a lump-sum death benefit. There is also a lump-sum death benefit paid to the member if (after retirement) one of the member’s enrolled eligible dependents predeceases him/her.