The Episcopal Church
Lay Employees' Defined Contribution Retirement Plan
- Employers make a base contribution, generally 5% of an employee's salary. (For the average lay employee, this averages to only $25 a week.)
- Employees may also contribute to the plan. You can encourage their investment by matching employee contributions to a limit that you determine. Most employers limit their matching contributions to 4% of the employee's salary.
- The combined 5% employer base contribution and 4% matching contribution are consistent with the requirements of General Convention Resolution d165(a). However, you are certainly free to contribute more than is mandated by General Convention.
- The IRS limits the amount an employee can contribute to his or her account, as well as the total amount an employer and employee together can contribute.
| Contribution Limits for 2007 | |
|---|---|
| Under age 50 | $15,500 |
| Age 50 and over | $20,500 |
| Employer+ Employee | 44,000 |
Send contributions to:
The Church Pension Fund
c/o Fidelity Investments
P.O. Box 5000
Cincinnati, OH 45273-8686