No two employers have the same needs, and so the Concordia Retirement Plan offers two benefit options: the Traditional and the Account option. Contact your Account Representative for more information today.
An employee becomes fully vested in the Concordia Retirement Plan after five years of creditable service. A vested terminated worker who terminates employment prior to age 55 with 5 years of creditable service will result in a vested termination benefit payable to the member, or the spouse upon the member's death.
Employers can select a one-year waiting period for all workers in the Account Option (concurrent with their first year of CRP enrollment). Waiting periods must be applied equally to all enrolled workers, and may not be applied retroactively or to workers with more than one year of CRP-creditable service. Workers do not accrue credits, but do earn creditable service towards vesting during the wait period.