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CPS Program for Intentional Interim Pastors

CPS Program for Intentional Interim Pastors. December 11, 2018. Today’s Discussion. How does the new program for IIP’s impact you with respect to the: Concordia Retirement Plan Concordia Disability and Survivor Plan Concordia Health Plan. Concordia Retirement Plan (CRP).

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CPS Program for Intentional Interim Pastors

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  1. CPS Program for Intentional Interim Pastors December 11, 2018

  2. Today’s Discussion How does the new program for IIP’s impact you with respect to the: • Concordia Retirement Plan • Concordia Disability and Survivor Plan • Concordia Health Plan

  3. Concordia Retirement Plan (CRP) Providing income during retirement - a defined benefit plan also referred to as a traditional pension.

  4. IIP: Concordia Retirement Plan (CRP) • If < 65 yrs. old and working > 20 hrs/week as an IIP: • Pastor will be enrolled in the CRP • Assigned congregation pays required contributions • NOTE: If IIP already receiving CRP benefit, • Primary Retirement Benefit payments will be stopped. • If applicable, Supplemental Retirement Account monthly payments will continue. • If applicable, Retiree Medical Supplement monthly payments will continue.

  5. IIP: Concordia Retirement Plan (CRP) Part II (If IIP < 65 yrs. old and working > 20 hours/week as an IIP): • When assignment ends, • If 55 or over (i.e., 55-64), may elect to commence (or recommence) retirement benefits (not recommended) • If pension payments don’t start when assignment ends • IIP receives Creditable Service under CRP between assignments up to 3 months. • Required contributions to CRP waived for period between assignments in which service is credited.

  6. IIP: Concordia Retirement Plan (CRP) (If IIP is 65+ yrs. old and working > 20 hours/week as an IIP): • Regular pension payments stop, but IIP may elect to begin In-Service Benefits. • Assigned congregation pays required contributions • OR • IIP can waive CRP re-enrollment* and pension payments will continue. * If waived CRP, ineligible to enroll in CDSP or CHP.

  7. IIP: Concordia Retirement Plan (CRP) Part II (If IIP is 65+ yrs. old and working > 20 hours/week as an IIP): • When assignment ends, In-Service benefits will stop. • May elect to commence (or recommence) retirement benefits • If pension payments don’t start when assignment ends • IIP receives Creditable Service under CRP between assignments up to 3 months. • Required contributions to CRP waived for period between assignments in which service is credited.

  8. Concordia Disability and Survivor Plan Supporting you and your family during pregnancy, injury, illness and loss

  9. IIP: Concordia Disability and Survivor Plan (CDSP) If IIP is enrolled in the CRP (either under or over 65 and working > 20 hours/week as an IIP): • Enrolled in the CDSP with congregation to which assigned paying required contributions. • When assignment ends, IIP’s coverage under the CDSP will be extended up to three (3) months* UNLESS he completely retires. • Disability coverage will continue through extension period even if IIP is not actively working. • NOTE: Required contributions to the CDSP are waived between assignments. * Three-month period commences at the end of last calendar month for which employer paid CRP contributions.

  10. Concordia Health Plan Covers you during times of sickness and also provides wellness resources

  11. IIM: Concordia Health Plan (CHP) What are your CHP options? A. If IIP < 65 years old: • May elect CHP coverage (if in CRP) • Healthy Me B is designated CHP option for IIP’s that features a broad provider network (plan design provided on later slide). *NOTE: If spouse is <65, she could also enroll in Healthy Me B ----even if husband waives any coverage

  12. IIM: Concordia Health Plan (CHP) What are your CHP options? B. If IIP is 65+ years old: • May elect CHP coverage (if in CRP) • Healthy Me B (designated CHP option for IIP’s featuring a broad provider network) OR • Medicare Premium Plus (MPP)* • If applicable (Employer has to have < 20 total workers) • If IIP and spouse are both 65+ and IIP elects Self & Spouse coverage, they both will need to be in same plan. *NOTE: If spouse is <65, she can enroll in Healthy Me B ----even if husband waives any coverage

  13. IIM: Concordia Health Plan (CHP) When an IIP’s assignment ends: • If IIP was covered under the CHP during assignment, CHP coverage can be extended for up to three months with required contributions waived. • If 65+, coverage would end after the 3 months. • If < 65 may extend CHP coverage by making required contributions. • However, if spouse is 65+ coverage is limited to Medicare Supplement plans.

  14. Healthy Me B

  15. Dental A

  16. Dental A (Cont.)

  17. Vision A

  18. Vision A (Cont.)

  19. Concordia Retirement Savings Plan – CRSP 403(b) Providing flexible savings options to provide retirement security

  20. Concordia Retirement Saving Plan-CRSP 403 (b) • Employer-sponsored, 403(b) savings plan • Tax savings on two options: • Pre-tax 403b • NOTE: For ministers of religion, pre-tax contributions are both pre-income tax and pre-self employment tax • After-tax Roth 403b • Offers ProManage asset custom-allocation services • Automatically deducted from paycheck • Your employer may provide a matching contribution, but it is not required.

  21. QUESTIONS

  22. Thank youPlease Contact Us with any Questions: Customer Care Team info@ConcordiaPlans.org 888-927-7526 David Henrichs Account Manager Dave.henrichs@concordiaplans.org 314-885-6874

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