Frequently Asked Questions
MINISTERS' RETIREMENT PLAN
Who can be a member of the CFCP Ministers Retirement Plan?
All ministers holding current credentials from (Authorization to Preach to Ordained levels) are qualified to apply for membership in the Ministers Retirement Plan (MRP).
How much is the monthly contribution that I must make towards the MRP?
As approved at the 1997 convention, each minister shall contribute a minimum of PI 00.00 every month to-wards the MRP beginning July 1997. If the minister wishes to contribute more, he may do so in multiples of hundreds (P200.00. P300.00, P400.00 or P500.00). The bigger the monthly contribution, the more the benefits.
Who will shoulder the monthly contribution?
As agreed upon in the 1997 convention, the local church will be responsible for paying the monthly con-tribution for its pastor and for other members of the church staff who are credentialed.
What about those who are pioneer workers?
Ministers who serve in pioneering churches may be paid for (a) by their "mother churches", or (b) by special arrangement with the District Office.
Those ministers whose main ministry is with a Bible school, day school, or district office may have their contributions paid by these institutions.
Suppose my church or sponsoring institution is able to pay the minimum monthly contribution of P100.00 for me, can I add to the amount from my personal funds so my contribution will be bigger?
Of course you can. In fact, you are encouraged to do this on a regular basis. Bigger contributions can only mean bigger benefits for you in the future.
How do I remit my monthly payments to MRP?
You may submit your monthly payment by including it in your church monthly report to your district office. Be sure that it is clearly indicated in the report that the PI00.00 (or whatever bigger amount you choose to send monthly) is for the MRP.
What benefits will be due me under the MRP?
First of all, you have to have at least (10) years continuous service in the ministry AFTER July 1997 before you can be entitled to any benefit. After serving continuously for ten years, you may apply for early retirement and the benefits to be given to you will be:
- refund of all your actual monthly contributions
- plus interests compounded annually
- plus a gratuity
What is a gratuity?
A gratuity is a love gift to be given by the Retirement Board, based on your length of service and on the availability of funds. The gratuity will be sourced from a fund other than monthly contributions of members to the MRP.
In other words, if I don't serve continuously for at least 10 years, I will not be entitled to any benefit.
Suppose I quit the ministry seven years after July 1997, what will happen then to the contributions that were made during that period?
All the contributions made during those seven years, plus interest, will be returned to the church(es) or insti-tutions where you served.
Is there another instance where an MRP member will not be entitled to any benefit?
Yes, when her/his ministry is terminated for cause, then all benefits are forfeited, regardless of the length of service or ministry. As in the previous case, all contri-butions plus interest will be returned to the church(es) or institution where that minister served. The disposal of that money will be under the discretion of such church(es) or institution.
I am 30 years old today. The Lord willing, I will retire at age 60 after serving 30 continuous years in the ministry. What will be the benefits due me at my retirement?
If your monthly payment to the MRP will be PI00.00 a month (Level I) here is what you will receive at age 60.