Northern Trust Transition

Concordia Retirement Plan pension benefits:

Improving our process by transitioning to Northern Trust

Beginning Sept. 1, 2022, we will partner with Northern Trust Company to process Concordia Retirement Plan pension payment deposits and checks. Northern Trust has been carefully selected due to their best-in-class practices and expertise, and long-standing relationship with CPS. By streamlining this process, we will be able to better serve our members and retirees. 

What does this mean for our retirees?

  • There will be no changes to pension benefit amounts and no interruption of benefit payments. 
  • No action is required of retirees or surviving spouses. 
  • There will be a few changes in the look of materials and terminology for benefit payments, both for direct deposit payments and for checks. Please review our Comparison Flyer to see samples of these changes.
  • Some retirees may receive multiple deposits or checks instead of one, however the total amount will equal their current monthly benefit.
  • Retirees will receive 1099-R tax documents from CPS for benefit payments Jan. – Aug. 2022 and from Northern Trust for benefit payments Sept. - Dec. 2022. Detailed information on tax documentation will be sent in Dec. 2022. 

To help keep retirees abreast of these changes, we have created the following helpful documents:

Please know that Concordia Plans has taken great care to make this transition as smooth as possible. If you have any questions, please call us at 888-927-7526 or email