Do you ever watch a game show, look at a contestant and think, “How did they not get that answer?” It seems easy when you’re just watching.
Retirement may be the same way for your workers – they may think they can handle planning for retirement – but when it’s time to take action, they may have trouble making decisions. Our Concordia Retirement Savings Plan 403(b) Spring Enrollment runs March 1-18 and is dedicated to helping workers save and prepare for retirement.
We’ll send CRSP eligible workers* a mailer and several emails encouraging them to take action to save (or save more). We’ll also add campaign information on the member portal and website. Of course, your workers can start saving or change their savings rate at any time, but the best time is now.
What can you do as employers?
Watch our “CRSP 403(b) Spring Enrollment” webinar to learn more about the campaign, understand how a worker becomes on-track for a secure retirement and see a demo of the CRSP Service Center through 90 Degree Benefits (formerly EBSO).
We want your workers to feel confident and start saving (or increase their savings) for their retirement. We care for your workers, and together we can help them “win” the retirement they’ve always pictured!
*Part-time workers are excluded from this campaign. Workers at ministries not offering the CRSP will also be excluded.
CRSP administration reminderCRSP elections and changes made by your workers during CRSP 403(b) Spring Enrollment will need to be updated and remitted to 90 Degree Benefits(formerly EBSO) or your payroll partner if using Paychex or Paycor to remit CRSP contribution details. If you have questions about remitting contributions, contact 90 Degree Benefits at 800-486-7664 ext. 2556 or [email protected].
Not offering the CRSP 403(b)? Learn more!
The CRSP 403(b) provides your workers a flexible and dependable way to save for their retirements. Reach out to your Account Manager or visit ourCRSP 403(b) webpage for more details.
Adding a new worker to your ministry’s family is exciting. The balance between making sure the worker is well-informed but not overwhelmed is key to him or her feeling welcomed. Many of you have asked for help in this area, so we’ve created the "Welcoming a Worker Toolkit," a collection of tools and resources to help you with the onboarding process.
Join us for a webinar March 15 at 1 p.m. CT where we’ll review the toolkit, walk through the resources for you and your workers, and share onboarding best practices. We hope you can join us!
5 ways churches and ministries stumble in payroll practices
Churches and ministries work with unique rules when it comes to payroll. Layering these unusual rules on top of a complicated and highly regulated area of finance can be dangerous for ministries and potentially their leadership. It’s critical to understand the special rules regarding ministers, fringe benefit plans and tax deposit requirements to avoid adverse consequences.
Join Elaine Sommerville, author of “Church Compensation: From Strategic Plan to Compliance,” for a webinar March 29 at 1 p.m. CT where she’ll discuss the top five areas where churches and ministries stumble, potentially creating these adverse consequences, and ways to institute corrective actions and avoid serious falls in the future.
If your ministry participates in the Concordia Disability & Survivor Plan, you should have recently received a mailing that includes your 2022 Group-Term Life Report and instructions for tax reporting and payments. Don’t forget to check for any updated reports later this year; we send out monthly follow-up reports to any ministry with changes to this first report.
Remember: This information applies to the 2022 tax year (not 2021), but you still need to start now! Find Group-Term Life Report resources at ConcordiaPlans.org/GTL.
Did you know that of the 34 million Americans with type 2 diabetes, nearly 25% of them don’t even know they have it?1 To make matters worse, diabetes often comes with silent symptoms and confusing information, which can be overwhelming and turn a life upside down.
March 22 is Diabetes Alert Day, and Virta is hosting an interactive webinar that will cover:
Common risks, warning signs and symptoms.
Why type 2 diabetes affects people differently.
How millions can regain health, even after years of insulin use.
We encourage you to share this webinar with your workers to help raise awareness around type 2 diabetes.
It’s easy to forget about taking care of yourself when you’re busy taking care of others. But at some point — it catches up with you. It’s known as “compassion fatigue.”
If you and/or your workers are feeling fatigued, it’s time to refresh your mind, body and spirit so you can be at your best and are able to continue helping others.
“Conquering Compassion Fatigue” is a recorded webcast presented by Cigna that explores what causes this burnout that is common in caretaker roles and how to recognize if (or when) it’s taking its toll on you. Learn how to maintain emotional boundaries, reclaim balance and build resilience in your challenging roles. We encourage you to share this resource with your workers to help those affected by compassion fatigue feel supported.
Changes to student debt forgiveness program could benefit your workers
If you have workers pursuing student debt forgiveness through the Public Service Loan Forgiveness program, they could benefit from two recent updates:
In July 2021, changes were made to the PSLF eligibility rules that make the program more widely available for workers at religious organizations.
If some or all of a borrower’s payments were not made on a qualifying repayment plan for PSLF, borrowers may be able to receive loan forgiveness under a temporary opportunity through the limited PSLF waiver program. The U.S. Department of Education has announced a temporary period during which borrowers may receive credit for payments that previously did not qualify. To take advantage of this one-time opportunity, action is required by Oct. 31, 2022. More information can be found on StudentAid.gov.
Earlier this year, CPS invited members to attend a webinar hosted by the Church Benefits Association* and the Consumer Financial Protection Bureau. A recording of the webinar, which included valuable information about the PSFL program and the temporary waiver, can be found here.
*The Church Benefits Association is a voluntary membership association of approximately 50 church pension boards, religious orders and denominational benefit programs for clergy and church professionals. Concordia Plans is a member of the Church Benefits Association.
Upcoming member communications
Here’s a snapshot of the emails we’ll send your workers this month (they may also receive additional communications from our vendors):
Financial Wellness Education webinar series
Our next financial education webinar is March 17, and the topic is "Retirement Savings.”
CRSP 403(b) Spring Enrollment
Eligible workers are encouraged to make CRSP 403(b) elections during the CRSP Spring Enrollment event to increase their retirement readiness.
Grand Rounds Second Opinion
Grand Rounds by Included Health provides a second opinion feature for workers enrolled in the Concordia Health Plan. For members enrolled in a Kaiser Permanente plan option, this second opinion feature is quite different than what they get with their Kaiser health plan option. We'll explain the difference in an email we're sending on March 22.
Mental Health
Workers are invited to watch a recording of the Cigna EAP “Conquering Compassion Fatigue” webcast that explores factors that can contribute
to role-related burnout and how to recognize signs it’s becoming an issue.
