Retirement Plan

EMPLOYER PAYS 100%

The Lay Pension Plan provides a benefit to eligible lay employees based on salary and the number of years of credited service. The plan is designed to help employees prepare for retirement. Combined with Social Security benefits and savings or investments, the Plan will help to meet personal living expenses during retirement.

Eligibility

Full-time, non-temporary lay employees of parishes, schools and participating institutions in the Diocese. Ordained priests and religiously professed Brothers and Sisters are not eligible for the Lay Employee Pension Plan.

Transferring
Transferring from one participating employer to another within the Diocese does not change an employee’s “Date of Hire,” as long as there is no break in service.

Vested Pension
An employee may leave the Diocese with a “Vested Pension” – the right to future benefits – after five years of continuous, full-time service. Note: As of July 1, 1998, a participating employee, prior to completing 5 years of continuous service, may incur a break in service up to 36 months without the loss of credited service.

Spouse
The spouse of a deceased, vested employee may apply for surviving spouse benefit on the deceased employee’s normal retirement date. If the employee had elected a 50% survivor annuity on the employee’s normal retirement date, then a surviving spouse benefit is the amount that would have been paid (based on service to the date of death).

Distribution
The plan is administered by Gallagher Retirement Services. All contributions to the plan are held in a Trust Fund and are not eligible for distribution until age 55. Additional details can be found in the Summary Plan Description.

Contact
Gallagher Retirement Services
844.605.1386
diocese.kc.st.joseph@ajg.com

EMPLOYEE PAYS 100%

You may choose to invest in a 403(b) program. All lay employees full-time and part-time are eligible to participate in the 403(b) plan. Many investment options are available through AIG, and contributions are deducted from your paycheck.
Your AIG representative will advise you as needed, including investments, retirement planning and enrollment.

Traditional 403(b)
Traditional 403(b) plans are similar to a 401(k) plan, and contributions are deducted before Federal and State income taxes.

ROTH 403(b)
You may contribute after-tax money to the Roth 403(b) that allows tax-free withdrawals of principal and interest.

Changes to contribution amount can only be made during:

• Open Enrollment in late October (Effective Jan 1)
• Semi-annual enrollment in June (Effective July 1)