The Episcopal Church Lay Employees' Retirement Plan
Like the clergy pension plan, this plan provides benefits to participating lay employees while they are working, as well as when they retire.
Disability. Plan participants who become totally and permanently disabled for six consecutive months before their normal retirement are eligible for a monthly disability benefit.
The benefit is calculated based on the benefit earned as of the date of disability. Benefits for a certified disability begin after a six-month waiting period and continue until the employee recovers, dies, or fails to submit satisfactory proof of continuing disability. For those still disabled at their normal retirement date, benefits may continue at the same rate, depending on the years of credited service.
Life Insurance. For active members under age 72, the plan provides a life insurance benefit equal to two times annual earnings or $50,000, whichever is less. Depending on the choice made on retirement, a surviving spouse may also receive a benefit.
Spousal Benefit. For those who die before retirement, but are eligible for early or normal retirement and have been married to their current spouse for at least a year at the time of death, the spouse receives 50% of the benefit that would have been paid on retirement. Benefits are calculated as if the employee had retired and chosen the
Joint Retirement Benefit Option.
Participants who wish to ensure that benefits continue to be paid to a surviving spouse or other beneficiary may reduce their own benefit to provide 50%, 66-2/3%, 75% or 100% of the benefit to a survivor. This one-time election must be made at the time of retirement.