Last chance to register: ‘Getting Back to the Basics of Health Benefits’ webinar
Join us tomorrow Feb. 6 at 1 p.m. CT, for a webinar designed to help you navigate the essentials of healthcare benefits with confidence by covering topics like plan terminology, how health plans work and strategies to manage costs. If you can’t make the live webinar, you can register so you receive a link to the recording.
Save your seat now: ‘Explore the Essentials of the CRP
Pension’ webinar
The Concordia Retirement Plan (CRP) pension is a key component to your workers’ retirement success. As an employer, you are providing a benefit that not only gives your workers the best odds of future success but can also provide financial peace of mind today – producing higher job satisfaction and productivity.
During this webinar, Feb. 26 at 1 p.m. CT, Concordia Plans (CPS) Retirement Solutions Consultant Brian Page and Financial Educator Amy Klein will explore the pension essentials and address topics that affect employers of any size. This webinar covers how the CRP works, why it makes sense for LCMS ministries, how to talk about it and how to integrate it into a recruitment and retention strategy.
*National Institute on Retirement Security, January 2022
Register for March 13 CRSP webinar
Before the Concordia Retirement Savings Plan (CRSP) 403(b) Spring Enrollment event kicks off, we’re hosting a webinar for employers to share information and resources.
The webinar will be held March 13 at 1 p.m. CT and includes:
Key information about the CRSP 403(b), including how it’s designed to work with the Concordia Retirement Plan (CRP) pension.
The benefits of workers rolling retirement assets into the CRSP.
An overview of the CRSP 403(b) Spring Enrollment event, including a timeline and samples of worker communications.
A review of your responsibilities as an employer.
Dedicated time to provide answers to your questions.
Are you familiar with the Compensation Decision Support Tool? It’s a free tool CPS created to assist with salary planning for pastors, teachers, school administrators and other ministry roles. Estimates have been run in all 35 LCMS districts, totaling nearly 70,000!
The data used in the tool is reviewed and evaluated annually and has recently been refreshed. Learn more on our webpageand check out the FAQs. Contact [email protected] if you have any questions.
By providing the CRP pension, you’re helping to ensure your workers have a life-long steady stream of income in retirement. Simply stated – they’ll have a paycheck for life! Having a pension not only shows your current workers your appreciation for their commitment, but it can help you attract and retain workers.
How does a pension work?
Every contribution dollar collected adds to the CRP assets. From 1980-2024, CPS has grown $2.7 billion in CRP pension contributions into $9.7 billion. CPS distributed $5.7 billion in benefit payments to retirees and surviving spouses, while $4.0 billion remain in trust assets to support benefits for future retirees.
Why offer a pension?
Overall, a pension is easy for you, as the employer, to administer. CPS provides the dedicated support and manages the investments.
Why not a 401(k) or 403(b) only?
While this may seem like a good option, a typical pension plan has a 49% cost advantage compared to a typical individually directed defined contribution plan because of longevity risk pooling, asset allocation, low fees and professional management.
Don’t take our word for it, LCMS workers appreciate the retirement benefits you are providing.
With the start of a new year, you may have workers who recently announced their plans to retire. Be ready to answer their questions with these FAQs and additional resources!
How do I start my pension?
Workers should initiate the process 60-90 days before they want benefits to start by using the Retirement Connection tool available on the Member Portal at ConcordiaPlans.org or by calling Concordia Plans at 888-927-7526.
What do I do with my CRSP 403(b)?
Members who have contributed to the CRSP have a personal account with Fidelity. Active workers can access their CRSP account through the Member Portal, or they can go directly to NetBenefits.com. At the time of retirement, there is no requirement for the member to move or withdraw CRSP funds. In fact, there are many benefits to keeping their money in the CRSP, where it will continue to be invested until the member takes qualified distributions from the account as needed. Keep in mind, Required Minimum Distribution rules apply to the CRSP 403(b). Visit the IRS website page for more information.
What else do I need to know about planning for retirement?
Members can check out a Pre-Retirement Workshop recorded webinar and a retirement planning workbook at ConcordiaPlans.org for more information! They also can meet individually with a financial educator for help navigating the retirement process.
Inspire more kindness (a good thing to be contagious!).
Check out the Appreciation Cards within your Employer Mental Health Toolkit to boost your workers’ emotional well-being. These cards can be downloaded to add a personal touch and shared via email or by printing them.
Tell your workers about
Form 1095-B
All workers who were enrolled in the Concordia Health Plan (CHP) during 2024 will receive a Form 1095-B. These forms are sent every year, but we want to remind you this tax document is nothing you need to address. If your workers ask, please let them know their copies will arrive soon.
Updated Personal Statement of Benefits available soon on the Member Portal
CPS members will be sent an email later in February letting them know that they can access their updated Personal Statement of Benefits (PSOB), a comprehensive summary of their individual benefits, in their Member Portal. Their PSOB is updated quarterly and includes the benefits the member is enrolled in, such as:
Projected value of Concordia Retirement Plan (CRP) pension benefits.
Disability income replacement benefits.
Basic Life Insurance benefit amount.
Concordia Retirement Savings Plan (CRSP) 403(b) balance.
Concordia Health Plan (CHP) benefits summary.
Note: The benefits shown are based on the total compensation amount provided in the Annual Compensation Reports.
The PSOB serves as an invaluable tool, offering insight into the combined value of pay and benefits. Understanding this breakdown can help your workers appreciate their entire benefits package. The PSOB can be accessed in the Communication Center on the Member Portal.
Encourage your workers to log in to their Member Portal Communication Center to review their updated PSOB.
Upcoming member communications
Here’s a snapshot of the communications we’ll send your workers this month (they may also receive additional communications from our vendors):
Personal Statement of Benefits (PSOB)
We’re sending workers a reminder to log in to their Member Portal to review their updated PSOB to see their pension and other benefits.
Worker Wellness Webinar
Our “Getting Back to the Basics of Health Benefits” webinar is Feb. 20 at 10 a.m. CT
Worker Wellness Webinar
Workers are invited to attend a webinar “The value of the CRP” to learn more about their pension benefits on March 6 at 10 a.m. CT
Random Acts of Kindness
We’re encouraging members to shine their light by spreading kindness and love, especially during “Random Acts of Kindness Week” Feb. 14-20. Aim to do one random act of kindness each day. Also, we’re asking them to share how someone has shown kindness to them by posting to the Concordia Plans Facebook and Instagram pages.
Wellness Tools Survey
Members are encouraged to participate in a survey regarding the products that CPS offers. An invitation to take the survey will be sent around Feb. 24. This study is designed to help us understand what members know about their physical and financial wellness tools, as well as how they feel about the tools.
