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Primary
Retirement Income |
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- CRP
is a defined benefit plan which means your benefit is based
on your salary and years of participation.
- Benefit
is 100% vested after 5 years of creditable service in the
Plan.
- Termination
of employment prior to age 55 and with 5 years of creditable
service will result in a vested termination benefit payable
to the member, or to the member's spouse upon death of the
member.
- Early
retirement is possible after age 55 with 5 years of creditable
service.
- Accrued
benefit is reduced by 6% for each year (.5% for each month)
that the benefit is received prior to age 65.
- Special
"Rule of 85": If worker retires
between ages 55 and 65, and the worker's age and years of
participation in the LCMS pension plans equal or exceed
the number 85, the reduction factor outlined in the previous
paragraph will be waived for any benefit commencing on or
after the worker attains age 62. If the benefit commences
before age 62, it is reduced by 6% for each year (.5% for
each month) that the benefit is received prior to age 62.
- Normal
retirement is at age 65 or after earning 5 years of creditable
service, whichever is later.
- A
worker who continues in full-time employment after his/her
normal retirement date will continue to accrue creditable
service towards his/her retirement benefits. The worker
has the option of receiving his/her monthly benefit even
though still employed and participating in the Plans as
an active worker.
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