The Traditional Option of the Concordia Retirement Plan (pension) 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!
A worker becomes fully vested in the CRP Traditional Option after five years of creditable service or in the Retirement Cash Account after three years of creditable service. Upon retirement, a vested terminated worker will be eligible for a pension benefit payable to the member, or the spouse upon the member's death.
Workers qualify for normal retirement when they are vested in the pension and have reached normal retirement age (which aligns closely with Social Security normal retirement age). The Rule of 85 applies to benefits accrued before July 1, 2014, but does not apply to benefits accrued after that date. Early retirement is possible after a vested worker reaches age 55.