The Traditional Option of the Concordia Retirement Plan is a pension benefit that is designed for workers who will have long-term careers with LCMS employers. It will serve workers as one of the pieces of their retirement paycheck!
The account option is a cash balance account that grows each year and is designed for workers who will only spend a portion of their careers with the LCMS.
An employee becomes fully vested in the Concordia Retirement Plan after five years of creditable service. A vested terminated worker who terminates employment prior to age 55 with 5 years of creditable service will result in a vested termination benefit payable to the member, or the spouse upon the member's death.
Workers are qualified for normal retirement when they are vested in the CRP and have reached normal retirement age (which aligns closely with Social Security normal retirement age). The Rule of 85 still applies to benefits accrued before July 1, 2014, but does not apply to benefits accrued after that date. Early retirement is possible after age 55 with 5 years of creditable service.