Pensions and Welfare
CLERGY RETIREMENT SECURITY PLAN
The Clergy Retirement Security Plan (CRSP) is based on a percentage of “plan compensation” which includes salary plus either housing allowance or 25% of compensation for parsonage.
The CRSP is divided into two components:
Clergy Retirement Security Plan-Defined Benefit (CRSP-DB)
The Defined Benefit contribution is 12% of plan compensation limited by the DAC ($62,781 for 2012).
Defined Benefit provides a monthly retirement benefit that is calculated using the following formula = 1.25%xDAC at retirement, multiply by years of credited service (reduced for less than full time appointment) after 12/31/06 divide by 12.
Clergy Retirement Security Plan- Defined Contribution (CRSP-DC)
The Defined Contribution is 3% of plan compensation.
Defined Contribution provides convenient distribution options when you are eligible to access the money in your account balance. This includes a lump-sum distribution, partial distributions or a series of regular payments called “cash installment.”
Participants receive on-demand and quarterly account statements. For more information about your CRSP account, please call the General Board of Pensions and Health Benefits at 1-800-851-2201
Comprehensive Protection Plan
The Comprehensive Protection Plan (CPP) provides welfare benefits including: disability, death and survivor benefits for you and your family. Contribution is 3% of plan compensation.
CPP Summary Plan Description
2012 Benefits Amount for CPP
UNITED METHODIST PERSONAL INVESTMENT PLAN - OPTIONAL
The United Methodist Personal Investment Plan (UMPIP) is a personal investment plan available to all Clergy.
Benefits includes: Flexible plan design; before and after tax-deferred contributions; participant-directed investments; investment management options; socially responsible investments; accepts eligible rollover distributions; 24-hour Internet or telephone account access; hardship loans and withdrawals; multiple distribution options.
To enroll, please complete the enrollment form, sign and fax to the Benefits Office at 410-309-9794. This form must also be signed by the church treasurer. For more information please contact the General Board of Pensions and Health Benefits at 1-800-851-2201
UMPIP Summary Plan Description
UMPIP 2012 Before and After Tax Form
UMPIP Election Investment Form