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Conference Pension Billing Orientation

Clergy Retirement Security Program . Conference Pension Billing Orientation. Current Billing for MPP. Clergy actual plan compensation = $35,100 MPP Funding Rate = 12% $35,100 x 12% = $4,212.00 Amount due monthly = $351.00. CRSP – Defined Contribution. Plan compensation includes:

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Conference Pension Billing Orientation

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  1. Clergy Retirement Security Program Conference Pension Billing Orientation

  2. Current Billing for MPP • Clergy actual plan compensation = $35,100 • MPP Funding Rate = 12% • $35,100 x 12% = $4,212.00 • Amount due monthly = $351.00

  3. CRSP – Defined Contribution Plan compensation includes: • cash salary • contributions made to a cafeteria plan or tax-sheltered annuity • parsonage (sum of above plus 25%) or actual housing allowance • Local churches will be billed 3% of clergy (plan) compensation

  4. CRSP – Defined Benefit • Local churches will be billed 6% of clergy compensation • Conference CRSP DB contribution in 2007 is: $3,344,824 • Conference contribution is determined by actuarial valuation

  5. CPP Premium • CPP premiums for 2007 are 3% of plan compensation (not to exceed 200% of DAC) • CPP premium reduced from 4.4% in 2006 • Contributions are billed monthly to local churches • 2007 DAC = $54,081 Comprehensive Protection Plan – provides life and disability insurance

  6. CPP Billing Formula • Actual plan compensation = $35,100 • $35,100 x 3% = $1,053.00 / 12 • Amount due monthly = $87.75

  7. Total Pension Billing CRSP Defined Contribution 3% CRSP Defined Benefit 6% Comprehensive Protection Plan 3% 12%

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