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:
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.
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.
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