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Defined Contribution Plan

Defined Contribution Plan

The Episcopal Church Lay Employees' Defined Contribution Retirement Plan (DC) consists of two different plans - a 401(a) plan and a 403(b) plan.Both are administered by Fidelity Investments.

How Does the Plan Work?

  • Your employer must adopt the plan by:
  • Your employer typically contributes a base contribution equal to at least 5% of your compensation.2
  • You may contribute up to the limits set by the IRS.
  • Your employer may match your contribution. This matching contribution, when added to the employer base contribution, typically should be equal to at least 9%.2
  • Your pre-tax contribution reduces your current income for federal income tax purposes.
  • You are not required to contribute. However, you will lose out on the employer match if you choose not to contribute.2
  • You elect the amount you wish to defer to the plan.
  • You choose the investment options for your account.

Impact on Retirement Benefits

  • Your pre-tax contribution to the Defined Contribution Plan allows you to save more money for retirement.
  • When you retire, your pension benefit is based on the value of your account.
  • All growth in the account accrues to you.

Investing

  • You have several Investment Options.
  • Account growth is based on investment performance and may vary.

2017 Contribution Limits

  • If you are under 50 years old, you may contribute up to $18,000 before taxes.
  • If you are 50 and older, you may contribute $24,000 before taxes.
  • The combined total that you and your employer contribute may not exceed 100% of your compensation or $54,000 if you are under 50 years old ($60,000 if you are 50 and older), whichever is less.
1 Your employer may have adopted only one or both plans.
Ask your employer what percentage its base contribution is, and its match, if any.

Pensions Disclaimer

Right Rail

Revisions to Lay DB and Lay DC Plans

The Church Pension Fund has announced revisions to the Lay DB Plan, Lay DC Plan, and the RSVP.
 Learn more

If you are planning on retiring in 2017 or 2018, contact CPG to schedule a discussion at 
(866) 802-6333
Monday – Friday
8:30AM – 8:00PM ET
(excluding holidays)

 

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Need to Update Your Personal Information?

Call CPG Client Services
(866) 802-6333
Monday – Friday
8:30AM – 8:00PM ET
(excluding holidays)