‘Readiness Packet’ on Pension Changes Available Now
CHICAGO, IL (November 11, 2019) – A new “readiness packet” that contains information on changes to the Covenant Pension Plan (CPP) is available online and is being mailed to all Covenant pastors.
The plan will close to new participants on December 31, 2019. As of January 2020, newly issued mandatory Covenant credentials will enroll directly in the GuideStone 403b9 plan. Additionally, existing CPP participants will have future retirement options for consideration.
This readiness packet is intended to provide a concise overview of “what to do now.”
This packet contains three important components:
• A two-page document / visual flowchart to help identify plan implications for each pastor category.
• Link to a 12-minute video for anyone wanting a more detailed explanation of the flow chart.
• A two-page overview of the new Covenant Subsidized Benefits program offering substantial, highly subsidized benefits to faithful pastors at low compensation levels who are serving in under-resourced settings. This is a three-year pilot program, made possible by the Lilly Endowment, the Covenant, and major donors.
For more information and to download the packet, visit covchurch.org/bbs/pension.
News and Online Editor
Evangelical Covenant Church