# LCMS Convention Workbook_St. Louis Missouri_2010_S113 # Machine transcription, uncorrected — CHI Digital Archive (demonstration) SYNOD REPORTS for the cost, and more comprehensive coverage, including preventive care. Armed with an understanding of the issues, the group focused on these objectives: • provide affordable and comprehensive health benefits that will meet the needs of students and their families; • offer resources and tools to prepare students for a healthier lifestyle; and • ease the transition from the student plan into the CHP for active members upon graduation. 113 Concordia Retirement Plan (CRP) Participation Active Members 31,900 Retirees and Survivors of Retirees 13,900 Terminated Vested Workers and Survivors of Terminated Vested Workers 9,700 Benefits Provided by the Concordia Retirement Plan (CRP) 2007 Option CSS (Concordia Seminary Students) With the full consensus of representatives from both seminaries, a new plan option was added to the CHP for students and their families at Concordia Seminary, St. Louis and Concordia Theological Seminary, Fort Wayne. The new “Option CSS” was designed to follow the general guidelines of the CHP with benefit programs very similar to those offered to active members. While the cost is comparable with other insurance plans, the CHP covers much more: • medical and dental care; • preventive services, well-child care, and routine exams; and • prescription drugs. Additional benefits include behavioral health and substance abuse care, health and wellness programs, vision care, and discounts on hearing care. Coverage is also available during vicarage, internship, or foreign study and following graduation for up to one year if the graduate is writing a dissertation or awaiting a call. Seminary Students/Families Enrollment Option CSS Coverage Ft. Wayne St. Louis Extension Total Self Only 110 135 7 252 Self and Spouse 46 57 0 103 Self and Child(ren) 2 1 0 3 Family 25 27 0 52 Totals 183 220 7 410 Serving the Workers and the Work of the CHURCH The Church’s Plan: The Most Comprehensive Benefits Package In keeping with the commitment to provide for the welfare of LCMS workers and their families in the event of illness, disability, retirement, or death, The Church’s Plan (TCP) benefit package was introduced in 2006. Employer participation in this comprehensive benefit p ackage continued to grow throughout the past triennium. TCP consists of all of the Concordia Plans—Concordia Health Plan (CHP), Concordia Disability and Survivor Plan (CDSP), Concordia Retirement Plan (CRP), and Concordia Retirement Savings Plan (CRSP)—as well as an additional benefit under the CRP, the Retiree Medical Supplement. The Church’s Plan (TCP) Participation Members Currently in TCP Number of Employers in TCP 23,665 3,865 Primary Retirement Benefits 2008 2009 $124,913,028 $135,450,206 $145,282,056 $9,676,018 $11,750,774 $11,271,716 Survivor Benefits $710,805 $828,712 $982,563 Retiree Medical Supplement $12,129,346 $12,427,992 $12,799,975 Supplemental Retirement Account The CRSP—the 403(b) tax-deferred savings component of TCP— grew substantially during the past triennium. While participation levels hover around 50 percent of those who are eligible, assets in the Plan tell a wonderful story of how those participating workers are engaged in preparing for their retirement. By the end of 2009, the assets of the CRSP crossed the $100 million mark! The Plan’s growth is a result of worker salary deferrals, rollovers into the Plan, employer basic and optional matches, and investment earnings. This is an impressive achievement in just four years. CPS will continue to focus on planning for retirement and the benefits of participating in the CRSP. It is the prayer of CPS that everyone who is eligible will participate and that all LCMS workers will seize the opportunities available, allowing them to be better prepared for retirement. Concordia Retirement Savings Plan (CRSP) Accumulation 2007 2008 2009 Employee $17,483,416 $21,028,270 $27,053,072 Contributions CRSP Basic Match $3,984,665 $4,524,513 $4,974,272 Optional Employer Match $453,190 $538,223 $617,818 Employee Rollover Contributions $2,873,141 $1,390,912 $1,968,741 Pension Plan for Pastors and Teachers Prior to the CRP, the Pension Plan for Pastors and Teachers (PPPT) was the only pension program for pastors and teachers of the Synod. When the CRP was established in 1965, new enrollments in the PPPT ceased. As of December 31, 2009, there were 3,700 individuals receiving benefits as retired members, disabled members, or surviving dependents of deceased members. Benefits Provided by the Pension Plan for Pastors and Teachers (PPPT) 2007 2008 2009 $11,480,061 $11,329,294 $10,900,111 2010 Convention Workbook 2010 Convention.indb 113 4/15/10 2:38 PM