Concordia Retirement Savings Plan Overview

Workers participating in “The Church’s Plan” package of benefits through their LCMS employer can save for retirement through the Concordia Retirement Savings Plan (CRSP).

The Concordia Retirement Savings Plan is a 403(b) Tax Deferred Savings Plan with a matching contribution component. While the Primary Retirement Benefit and the Supplemental Retirement Account of the Concordia Retirement Plan provide a substantial retirement benefit, the Concordia Retirement Savings Plan provides workers with a great opportunity to bolster their personal retirement savings, and take a more proactive role in personal savings for retirement.

Starting a 403(b) Tax Deferred Savings Plan under the Concordia Retirement Savings Plan allows workers to:

1. Save for retirement with pre-tax dollars.
2. Receive a Basic Match of 50% of the first 2% of total compensation contributed by the worker. (The Basic Match is funded by the employer’s contribution to the retirement program.)
3. Grow money on a tax-deferred basis while in the CRSP account.
4. Diversify a retirement savings portfolio.

Employers will also have the option of providing an additional match to their workers. They can elect to match 50% of the next 2% or 4% of compensation contributed by their workers (in addition to the 2% already being matched).

MetLife as Administrator

Administering the Concordia Retirement Savings Plan is MetLife Resources (a division of Metropolitan Life Insurance Company). MetLife is one of the largest and most stable financial services companies in the world and has significant experience with 403(b) Tax Deferred Savings Plan. In addition to MetLife’s focus on the not-for-profit marketplace, MetLife has group relationships with nearly 90 of the Fortune 100 companies. Their quality record-keeping will allow them to service the group accounts of LCMS employers spread throughout the U.S.

MetLife provides the following services for accounts:

• Comprehensive educational materials
• Regional field representatives for group presentations or one-on-one counseling
• Internet access for account management
  • Check account balance
  • Redirect future contributions
  • Transfer money
  • View transfer history
• Quarterly statements (online access 24/7)
• Unlimited free transfers among investment options
• Toll-free customer service

PPPT Accounts

Retirees currently receiving monthly benefits from the Pension Plan for Pastors and Teachers will continue to receive those benefits with no change. PPPT members not currently receiving a monthly benefit – but will once they retire – will have their PPPT account rolled over into a Concordia Retirement Savings Plan account which can then be converted into a monthly annuity at the time of retirement. The PPPT amount will remain the same throughout the conversion.