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Calculation/Billing

Who do I contact when I have questions about billing or would like to have monthly benefit projections made?

Contact Randall Jordan, pension and benefits financial manager at 773.907.3358 or randall.jordan@covchurch.org. 

How much are pension premiums?

Churches who have a full-time minister will make contributions to the fund equal to 12.5% of the minister's salary, housing and FICA combined. 

Why didn't I get an annual salary report this year?

If you are no longer serving in a Covenant organizations, no pension payments are being made to your fund and the last report you received when you were serving is your most current account informtion.

How is my monthly pension benefit calculated?

The monthly retirement benefit payable for life to which a vested participant is entitled when the participant retires from an employer on or after the participant's 65th birthday is 1/12 of 1 1/2 percent of the participant's total considered compensation.  Considered compensation includes annual base salary and other income from the employer, including housing and utility allowances where applicable.  At that time, please contact Randall Jordan if you would like projections made.

Can I roll my pension over into another account?

According to the Covenant Pension Plan Article VII, Section 7.1, "No employee or pensioner shall have the right or power to assign, alienate, transfer, sell, hypothecate, mortgage, pledge, commute or in any way anticipate the payment or pension benfit; no pension benefit shall be in any way subject to any legal process of any kind or liable in any way for the payment of any employee's or pensioner's debts..."  See full Pension Plan for futher details.