BIG pension plan change coming Effective January 1, 2014.

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Presentation transcript:

BIG pension plan change coming Effective January 1, 2014

NOW All pastors under Clergy Retirement Security Program (CRSP) United Methodist Personal Investment Plan (UMPIP) contributions optional

NEW Full and 75% time covered by CRSP 50% and 25% time covered by UMPIP church contributions

NEW CRSP AND CHURCH CONTRIBUTIONS TO UMPIP WILL BOTH REQUIRE 1% MINIMUM PERSONAL CONTRIBUTION TO RECEIVE CHURCH MATCH

CRSP (Full and 75% time) 12.4% of compensation monthly premium Compensation = a. salary b. church paid pastor’s health premium c. plus parsonage value or housing allowance

DB AND DC COMPONENTS 9.4% CRSP Defined Benefit (DB) 3% CRSP Defined Contribution (DC)

No Personal UMPIP Contribution 2% credited to DC

Pastor contributes 1% to UMPIP 2% credited to DC 1% match credited to DC 1% or more credited to UMPIP

CRSP Contributions Example $37,978 salary, with parsonage CLERGY MAKING NO PERSONAL CONTRIBUTION CLERGY MAKING 1% OR GREATER PERSONAL CONTRIBUTION ANNUAL CLERGY CONTRIBUTION $0$445 or more ANNUAL CHURCH CRSP- DC CONTRIB. $1,334 (3% of compensation) DEPOSITED IN CLERGY’S PENSION ACCOUNTS $889 (2% of compensation) No match. $1,779 or more FORFEITED AMOUNT AVAILABLE FOR CRSP-DB OBLIGATIONS $445$0

UMPIP Church Contributions (1/2 and 1/4 time ) 6% of compensation monthly premium Compensation = a. salary b. plus parsonage value or housing allowance

No Personal UMPIP Contribution 5% credited to UMPIP church contribution

Pastor contributes to UMPIP 5% credited to UMPIP church contribution 1% match credited to UMPIP church contribution 1% of more credited to UMPIP participant contribution

UMPIP Contributions Example $20,000 compensation, no parsonage CLERGY MAKING NO PERSONAL CONTRIBUTION CLERGY MAKING 1% OR GREATER PERSONAL CONTRIBUTION ANNUAL CLERGY CONTRIBUTION $0$200 or more ANNUAL CHURCH UMPIP CONTRIB. $1,200 (6% of compensation) DEPOSITED IN CLERGY’S UMPIP ACCOUNT $1,000 (5% of compensation) No match. $1,400 or more FORFEITED AMOUNT AVAILABLE FOR CRSP-DB OBLIGATIONS $200$0

How much to UMPIP? 1% is only a minimum to obtain a match Before-Tax and After-Tax Contribution Form available here May begin anytime

CPP Comprehensive Protection Plan (CPP) coverage and premiums remains the same 3% of compensation monthly premium for those covered