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General/Eligibility

Who participates in the Pension Plan?

Covenant ordained, commissioned and licensed ministers serving full-time in the denomination in one of its conferences, churches or organizations, are required to participate in the Plan.  Anyone who holds an interim license (of any kind) may, but is not required to, participate in the Plan until a first-time license is granted.  Anyone who has a License for Theological Students or Lay Minister's license is also not required to participate in the Plan.

What is considered full-time?

Full-time is thirty or more hours worked per week.  Mandatory participation in the Plan is requred for those serving full-time.  In practice, if you are ordained and work between 20 and 30 hours per week, you are not required to participate in the Plan, but may participate.  Currently, a minimum yearly earning of $9,000 is required to be eligible to participate in the Pension Plan.

How do I enroll in the Covenant Pension Plan?

Pension information and forms are sent to individuals' homes along with their first-time or interim license certificate.  It is the responsibility of the license holder to complete the information form and have the church treasurer complete and sign the salary report form.  Paperwork should be returned to the Department of the Ordered Ministry.  Following enrollment, the church will receive a quarterly bill.

Who do I contact when I begin working at a new church or Covenant organization?

Contact Theresa Marks, departmental services manager for the department of Ordered Ministry at 773.583.3211 or ministry@covchurch.org.  Forms can also be downloaded at the Department of the Ordered Ministry's webpage.

Can a non-licensed pastor/staff minister participate in the Covenant Pension Plan?

Yes.  Non-licensed individuals may be "voluntary participants" if they are associate members (see Section 11.2.a.ii of the Rules for the Ordered Ministry for a definition of associate membership) of the Covenant Ministerium in good standing and the church is willing to pay 12.5% of their total compensation into the plan.