Retirement Benefits

Normal Retirement Benefit

Your monthly benefit is calculated as follows:

$61.80* times Years of Credited Service

For example:

20 years X $61.80 = $1236.00 per month

30 years X $61.80 = $1854.00 per month

33 years X $61.80 = $2039.40 per month

*The $61.80 will increase 3% each July 1.  For example:

NOTE:  There is a Housing Allowance Exclusion for retired clergy which authorizes the Trustee to send two checks to Priests, one designated “Pension Benefit” and one designated “Housing Allowance.”  It is up to the Priest to file with the IRS showing that he is entitled to exclude all or a portion of the second check from taxable income as housing allowance pursuant to Section 107 of the Code.  (Not all Priests and not all expenditures may qualify for the exclusion.)

The benefit will normally be payable commencing on your Normal Retirement Date and continuing for life.  Other forms of benefit distributions are available - see “Optional Forms of Retirement Benefit”, below.

Delayed Retirement Benefit

Your monthly benefit is calculated in the same manner as your Normal Retirement Benefit, except that Credited Service shall be determined as of your actual retirement date. Your monthly payments shall commence on the first day of the month on or after your Delayed Retirement Date.

See above discussion of “Delayed Retirement Date” for payment of benefits after Normal Retirement Date while still in active service.

Limit on Benefits

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