The Episcopal Church Lay Employees' Defined Contribution Retirement Plan
In the defined contribution plan, the amount you receive in retirement depends on the value of your account when you retire. If your vested balance is less than $5,000, you may receive a lump sum. If it is $5,000 or more, you may choose a lump sum payment, monthly or quarterly installments, or annuities. Benefits begin on the date you retire.
You can take it with youIf you leave your church position before you retire, you will receive a lump sum payment if your vested account balance is less than $5,000. You may also roll over your account balance to another qualified retirement plan.
If your balance is $5,000 or more, you may choose to leave your account invested in the plan until you reach age 70-1/2, when minimum distributions are required by law. Accounts are valued daily. If you leave and request a lump sum payment, the value of your account is determined on the date you request the lump sum payment.
DisabilityShould you become totally disabled, your vested balance will be payable to you with the 10% tax penalty waived.
DeathUpon your death, your vested balance will be payable to your beneficiary or estate.