Understanding My Pension

Income for Life

Retirement is different for everyone, but retirement income is important for everyone! And if you’re enrolled in the Concordia Retirement Plan pension, you’ll have it – for the rest of your life!

Exactly what is a pension?

A pension is income you’ll receive from the Concordia Retirement Plan after you have retired. The steady, monthly CRP pension benefit will help serve as the foundation of your retirement income and just knowing you’ll have it can help provide peace of mind as you plan for retirement.

 

 

 

If you’re enrolled in the CRP, you are earning retirement income. Your employer has enrolled you in one of the following options:

Traditional Option:

After five years of enrollment in the Traditional Option, you’ll be eligible to receive a monthly income benefit based on your years of service, compensation and other factors.

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Account Option:

After three years of enrollment in the Account Option, you'll receive a benefit based on your salary and interest credits. You'll have some flexibility to determine how you will receive your income benefit.

While the CRP pension will provide a stable income benefit in retirement, you'll need to supplement your benefits with personal savings – that’s where our 403(b) savings plan comes in! Your retirement savings will help you better meet your retirement expenses.

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Use Retirement Connection to take an in-depth look at your retirement benefits, estimate your CRP benefit, model scenarios and project your total retirement income

 


 

Member Portal

Visit the member portal where you can view your Personal Statement of Benefits, an overview of all of your Concordia benefits including a projected pension annual income. From the member portal you can also connect to Retirement Connection to take an in-depth look at your retirement benefits, estimate your CRP benefit, model scenarios and project your total retirement income.

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Financial Educators

Contact a member of the Financial Education Team. They will be happy to walk you through your retirement benefits.

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Ready to Retire?

Learn more about the retirement process and collecting CRP benefits.

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