Contributing to Your Lay DC or RSVP Plan
Contributing to the Episcopal Church Lay Employees' Defined Contribution Retirement Plan (Lay DC) and the Episcopal Church Retirement Savings Plan (RSVP) is easy - just update the contribution amount in your Fidelity account or let your employer know the amount you want to contribute each pay period.
Contributing as much as you can to the Lay DC and RSVP plans may be one of the smartest ways to improve your ability to retire comfortably. It's hard to imagine, but contributing just a few dollars more each week could mean a lot, come retirement - especially when you are investing pre-tax dollars.
What difference can a regular contribution make?
If you saved just $50 per week over 25 years, you will have deposited $65,000, or $2,600 per year. With a 6% return on your investment, your account will grow to $151,000, an increase of $86,00 beyond your contributions.
Leverage the power of the dollar. Increase your contribution today and watch your retirement savings grow!
2018 Contribution Limits
- If you are under 50 years old, you may contribute up to $18,500 before taxes ($18,000 in 2017).
- If you are 50 and older, you may contribute $24,500 before taxes ($24,000 in 2017).
- The combined total that you and your employer contribute may not exceed 100% of your compensation or $55,000 if you are under 50 years old ($61,000 if you are 50 and older), whichever is less ($54,000 and $60,000, respectively, in 2017).
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