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EXAMPLE OF HOW TO CALCULATE - New England Conference

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2015 EXAMPLE OF HOW TO CALCULATE
APPROXIMATE CRSP PENSION COST TO CHURCH with 2015 new DB figure
FIRST:
Use 2015 cash salary + housing allowance OR
if you have a parsonage:
Take 25% of the cash salary to figure parsonage value and add that to cash salary.
This amount = Plan Compensation Figure4
Example: (when parsonage provided)
$40,000 cash salary X 25% = $10,000 parsonage value. Now add $10,000 + $40,000 = $50,000 which becomes
your plan compensation figure.
THEN:
You take plan compensation figure x 7% (4% for CPP5 and 3% for DC3) + $5,570 DB2 per FTE1 =
Pension Amt (Full Time $5,570) ( Вѕ Time appointment DB = $4,177.50) ( ВЅ Time appointment DB =
$2,785)
FOR LESS THAN FULL TIME LOCAL PASTORS ONLY ( Вѕ OR ВЅ TIME APPOINTMENTS FOR A
Local Pastor PLEASE USE (3% for DC NOT 7%) for less than ВЅ time appointment please see below**
Example: using figures from above example
$50,000 Plan Compensation Figure x 7% = $3,500 + $5,570 = $9,070 Annual Pension amount for Full Time
Pastor using the above information.
(Part time is prorated by % of appointment, in quarter time increments .75%, .50%)
For Less than 50% appointments 2012 General Conference Legislation no longer allows CRSP for less
than ВЅ Time appointment. The Conference Board of Pension strongly encourages local churches with Clergy
appointed less than 50% to support these clergy pensions with an amount equal to at least ten percent (10%) of
these pastors’ salaries through the United Methodist Personal Investment Plan (UMPIP).
Contact the General Board of Pension & Health Benefits regarding UMPIP contributions at 800 851 2201.
IF THE CHURCH USES ACH (Automated Clearing House)
***** Incentive of 8% reduction to total amount is given *****
Example: using figures from above example
8% x $9,070 = $ 725.60 discount
$9,070 - $725.60 discount = $8,344.40 example new total payment
1FTE
(FULL TIME EMPLOYEE, IF THE PASTOR IS ВЅ TIME THEN YOU WOULD USE ВЅ OF THIS FIGURE, & Вѕ similarly)
(DEFINED BENEFIT PORTION OF THE CLERGY PENSION PLAN, THIS FIGURE IS PROVIDED TO US EACH YEAR BY THE GENEAL BOARD)
3DC (DEFINED CONTRIBUTION)
4DOLLAR AMOUNT USED BY THE GENERAL BOARD TO DETERMINE PENSION BASIS
5CLERGY PROTECTION PLAN IS THE DEATH & DISABILITY COVERAGE FOR CLERGY & SPOUSES (less than full time Local Pastors are not eligible for CPP)
2DB
P:\!FORMS\2015\2015 EXAMPLE OF HOW TO CALCULATE final and HEALTH INSURANCE RATES.doc
OVER PLEASE
THESE ARE YOUR ACTUAL FIGURES
2015 Health Insurance Local Church Share Blended Rate
(Includes Dental)
$16,944 Annual Blended Rate
$1,412 Monthly
Incentive Amount If Using An ACH
ACH Forms to be returned to Conference Office, Accounts Receivable
$15,984 Annual Blended Rate
$1,332 Monthly
2015 Pastor’s Share Insurance Premium Co-payment
Pastor’s Co-Pay for 2015 will be:
$205.00 per month plus $45.00 per month for Benefit Stabilization Fund = $250.00 per
month (new amount)
– or –
Co-Pay for 2015 if the HQ (WebMD Health Quotient) the online health risk assessment, is
taken:
$155.00 per month plus $45.00 per month for Benefit Stabilization Fund = $200.00 per
month (new amount)
OVER PLEASE
P:\!FORMS\2015\2015 EXAMPLE OF HOW TO CALCULATE final and HEALTH INSURANCE RATES.doc
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