Clergy Retirement Security Program

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.

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A defined benefit component that provides lifetime monthly
retirement benefits

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A defined contribution component that provides an account balance available up retirement

CRSP contributions are billed monthly to the local churches and/or salary-paying-units for each appointed eligible clergy member under episcopal appointment.

The billing formula is as follows:

Defined Contribution Component

For the Defined Contribution component of CRSP: Plan Compenstation (base salary plus housing allowance or parsonage rate in accordance with the Internal Revenue Service), times 3%.

Defined Benefit Component

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%

A general description of CRSP is included in the CRSP At A Glance file

Details associated with CRSP are included in the CRSP Summary Plan Description