Retirement

Concordia Retirement Plan (CRP)

Concordia Plan Services (CPS) provides a defined retirement plan (commonly known as a pension) for eligible employees. Contribution to this plan is paid for by CPS based upon wages and other factors.

Vestment in this plan is currently set at five years of eligible employment.

To learn more about the Concordia Retirement Plan, please visit the CPS Retirement Information Link on the Concordia Plan Services Web site.

If you are a CSP employee nearing retirement and are interested in planning for this important life change, please contact Mary Arnold (651-641-8268) to schedule a retirement planning session.

Concordia Retirement Savings Plan (CRSP)

The Concordia Retirement Savings Plan (CRSP) is a 403(b) tax-sheltered annuity (TSA) with a matching contribution component. While the Concordia Retirement Plan provides a substantial retirement benefit, the Concordia Retirement Savings Plan provides workers with a great opportunity to bolster their personal retirement savings.

Starting a 403(b) tax-sheltered annuity under the Concordia Retirement Savings Plan allows workers to:

• Save for retirement with pre-tax dollars
• Receive an employer match of 50% of the first 2% of total compensation contributed by the worker (employees are vested upon enrollment in the plan)
• Grow money on a tax-deferred basis while in the CRSP account
• Diversify a retirement savings portfolio

TSAs have an element of financial risk. This risk can be mitigated depending on the investment options selected but is still present due to changing market conditions.

CSP's CRSP Financial Services Representative (through MetLife) is:

Charles A. Wayne
Telephone: (763) 390-4420

Metlife Retirement SavingsLink
 
CRSP Salary Deferral Agreement

Concordia Plan Services CRSP Web site