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Pension Credits and Experience Apportionments

Your pension grows through

  • annual pension credits for each year of eligible plan participation; and
  • discretionary experience apportionments.

Annual Pension Credits

Pension credits accrue at 1.25 percent of the greater of

  • your effective salary (up to an annual cap); or
  • the churchwide median salary for your employment classification (ordained, lay exempt, or lay non-exempt), prorated for part-time employees.

For example, if the median salary is $57,300 and your annual effective salary is less than that, your annual pension credits would be 716.25 ($57,300 x 1.25%). If your effective salary is more than the median, your annual pension credits would be greater.

Annual credits build while you are an active plan participant. For illustration purposes, the examples in the chart below assume that the median salary and your salary do not change for 30 years. Your age at retirement and your payment option may affect this benefit.

Effective Salary$40,000$60,000
Salary Used in Calculation$57,300$60,000
Annual Pension Credit716.25750
Annual Credit Times 30 Years21,48822,500
Monthly Benefit for Life*$1,790.63$1,875

*Does not reflect any experience apportionments.

Experience Apportionments

Experience apportionments are discretionary increases in pension credits or benefits. They are at the sole discretion of the Board of Directors of the Board of Pensions. Factors considered include investment and actuarial experience, levels of reserves, and fundamental fairness to all plan participants.

When granted, an experience apportionment

  • is calculated as a percentage of your existing pension credits or benefit; and
  • increases the Pension Plan benefit of all plan members, whether active, terminated vested, retired, or receiving a survivor benefit.