5.7.6 Retirement Benefits
Retirement benefits for employees are provided by
the archdiocesan Lay Employees Pension Plan, tax-deferred 403(b)
retirement plans, and Social Security.
5.7.6.1 Lay Employees Pension Plan
Employees
who regularly and customarily work at least 20 hours a week are
eligible for participation in the Lay Employees Pension Plan. To be
covered, the employee must have completed one year of service and be
aged 25 or older. Employees do not contribute to the plan and
contributions are set from time to time by the archdiocese and approved
by the Finance Council for the archdiocese. Employees are vested in
their pension accounts after five years of service. For questions, refer to the Lay Employees Pension Plan booklet (HR intranet; username and password required) and Lay Employees Pension Plan Beneficiary Designation (HR intranet; username and password required). For more information, contact Pension Services at 866-907-5472.
5.7.6.2 Tax-Deferred 403(b) Retirement Plans
Employees may elect to participate voluntarily in a
403(b) or 403(b)(7) supplemental retirement plan. The funds
are a pretax deduction set up through the location, with prior permission of
the archdiocese. Substantial federal reporting requirements apply.
Federal or state taxes are not withheld from this money at the time the
deductions are made.
Questions regarding payroll deductions for
Archdiocesan Catholic Center (ACC) and cemetery and mortuary personnel should be
addressed to the payroll manager at the ACC. Parish and school employees
should address questions to their location's payroll practitioner.
Questions regarding enrollment, funds, statements, and account balances
should be addressed to the plan sponsor.
5.7.6.3 Social Security and Medicare
All archdiocesan employees
are covered by federal Social Security and Medicare. The wage deductions for Social
Security and Medicare taxes are matched by the location. The total contribution by
the employee and the location is credited to Social Security and Medicare benefits
that may be available when the employee is eligible to retire or applies for Medicare. Federal
disability and survivor's benefits are also financed through Social
Security deductions.