Pensions

Life-long retirement income

The retirement benefits industry has been through tremendous change over the past 20 years, making it hard to decide which retirement benefits to offer your workers. Some employers have stopped offering pensions – forcing workers to take on investment risk and responsibility for funding most or all of their retirements. But is that the best option for your ministry and workers?

With our retirement solutions we provide a blended approach – a pension benefit through the Concordia Retirement Plan, paired with your workers’ individual savings in the Concordia Retirement Savings Plan 403(b), to provide life-long retirement income to those who have spent a career in His service.

How does a pension work?

To put it simply, when eligible workers retire, they’ll receive monthly pension income benefits for the rest of their lives and a monthly benefit for their surviving spouse if they should predecease them.

As an employer, you contribute funds into the CRP on your workers’ behalf. Those funds are then pooled together with funds from other LCMS ministries and invested to fund the benefits for workers described under the two available benefit options.

  • 24,300 Retirees and surviving spouses are receiving benefits through the CRP.
  • 30,000+ Workers are currently enrolled in the CRP.
  • The CRP currently has more than 3 billion in assets. (9/1/2020)

The CRP offers two benefit options.

You can choose to offer the Traditional option, or a combination of both the Account and Traditional Options.

The Traditional Option:

The CRP Traditional Option provides a secure monthly retirement benefit based on the worker’s final average monthly compensation, creditable service and the integration level. This monthly income will continue throughout the worker’s retirement. 

The longer a worker is employed by an LCMS ministry and enrolled in the Plan, the higher their benefit will be in retirement. Rostered workers must be enrolled in this option. 

The Account Option:

The Account Option provides a notional account balance that grows each year with the addition of compensation credits (based on the worker’s salary) and interest credits (based on the 30-year Treasury rate). If a worker leaves employment but is not ready to retire yet, the account balance will continue to accrue interest credits in the CRP, or they can choose to roll over the balance to the CRSP, an IRA or other qualified plan, or receive a cash distribution. If a worker stays with a participating LCMS ministry through retirement, the worker will have different distribution options, including monthly life annuity options or a lump-sum distribution, making the Account Option the perfect blend of retirement benefits and flexibility. It tends to be a good solution for workers who do not stay with the ministry for their entire career. The Account Option is available for newly enrolled non-rostered workers. 

Why should you consider offering the Concordia Retirement Plan?


You can make the difference in your workers’ future by providing pension benefits through the Concordia Retirement Plan.

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