The Clergy Retirement Security Program (CRSP) is denominational 403(b) retirement program for eligible clergy serving in the Virginia Annual Conference. In general, clergy appointed at least 50% to local churches in the Virginia Conference are eligible to participate in the CRSP.
A defined benefit component that provides lifetime monthly retirement benefits.
A defined contribution component that provides an account balance available up retirement.
How is the billing calculated?
For the Defined Benefit component of CRSP: Plan Compensation (base salary plus housing allowance or parsonage rate in accordance with the Internal Revenue Service, up to 135% of the Denominational Average Compensation (“DAC”)) times 9%.
For the Defined Contribution component of CRSP: Plan Compensation (base salary plus housing allowance or parsonage rate in accordance with the Internal Revenue Service), times 3%.
