Clergy 2014 Retirement Security Program Match

Beginning next year, if you are a Clergy Retirement Security Program (CRSP) participant, you must contribute to the United Methodist Personal Investment Plan (UMPIP) to prevent a reduction in contributions to your CRSP Defined Contribution (DC) account.

Currently, the Church contributes an amount equal to 3% of your plan compensation* to your CRSP DC account. However, beginningJanuary 1, 2014, that contribution will be reduced to 2% unless you contribute to UMPIP.

If you contribute to UMPIP, the Church will match 100% of your contributions—up to 1% of your plan compensation—and deposit those matching funds into your CRSP DC account. Therefore, if you contribute at least 1% of your plan compensation to UMPIP, the Church’s contribution to your CRSP DC account will be 3%, unchanged from today.

This change, as well as other changes to CRSP—including a change in eligibility requirements and a reduction of the formula for benefits earned after 2013 under the defined benefit (DB) component—were announced in the July and October 2012 issues of the Hark Supplement. Some clergy are not yet contributing to UMPIP. Even if you already contribute 1% to UMPIP, consider increasing your contributions to make up for the future reduction in the CRSP DB benefit formula.

To start, submit a Before-tax and After-tax Contributions Agreement to your church treasurer byJanuary 1, 2014 (available atwww.gbophb.org/retirement/
resources/forms/
) so that you will earn the matching contributions from day one. Don’t delay—invest in your retirement future today!

·If you wish to enroll or make a change and have completed and submitted 2014 clergy compensation form to the district office, please contact them so that your compensation records will be accurate.

 

Watch the CRSP Matching Contributions Video