The defined benefit plan1 is funded by employer contributions only. Employees may not contribute.
If you participate in this plan, your employer contributes a percentage of your eligible compensation, currently 9%.2 Your employer must begin making contributions on the first day of the month after you become eligible. You are eligible if:
- Your employer participates in the plan
- You have been employed for one full year
- You work at least 1,000 hours a year
- You are are at least age 21
To develop additional retirement income, you may wish to participate in the
Retirement Savings Plan.
1The Episcopal Church Lay Employees' Retirement Plan
2Eligible compensation is your base salary excluding overtime, bonuses, commissions or incentive compensation, but including the cash value of housing, utilities and room and board, if they are provided as part of your compensation.