Retirement

The Associate Reformed Presbyterian Retirement Plan is a non-contributory, defined benefit plan. The Normal Retirement age is 65 (64 if the Participant has 25 years of active service). Participants may retire as early as age 60 with an actuarially reduced benefit. Benefit payments must commence at age 70 1/2. Retirement benefits are calculated as a percentage of total Career Earnings. The current benefit is an annual benefit equal to 3.1% of total Career Earnings.

If a Participant is married at the time of retirement, the normal benefit will be actuarially reduced during the Participant's lifetime to provide for a benefit to the surviving Spouse. The Spousal benefit will be equal to 50% of the benefit at the time of the Participant's death and will be paid during the lifetime of the surviving Spouse. Other benefit forms are available with Spousal consent.

During the period in which a Participant is an active Participant in the Plan, accruing credit for both Service and Earnings, there are two other benefits:

A death benefit for the surviving Spouse or other designated beneficiary, equal to one (1) year's Earnings at time of death.

A survivor income benefit equal to 20% of the Participant's Earnings at time of death, to be paid until the surviving Spouse reaches age 65. There is an additional 10% during the period there is a dependent child.

The Plan is financed, primarily, with contributions from churches and agencies of the General Synod. Contributions are 8.5% of Earnings. Earnings include Base Salary, PLUS 40% of Base Salary if a manse is provided, PLUS all other allowances paid to the Participant.

Enrollment Form