What is the advantage of transferring my money into CRSP?
A very favorable advantage is that upon retirement, you will have the option of annuitizing your money under the Concordia Retirement Plan at generally more favorable rates than rates offered by a vendor. Another advantage is the selection of distribution options that are geared to help meet your retirement needs. A third advantage is if you are a rostered/commissioned minister of religion, the portion of your CRSP account that resulted from contributions made by you or your LCMS employer(s) based on compensation earned while serving the LCMS, can be designated as housing allowance. This is only true when paid by the CRP as a retirement benefit and it results in tax savings for you. This tax savings is not available from a non-church vendor.
Related Questions
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- What is the advantage of transferring my money into CRSP?
