Defined Benefit Plan Administration
What Is the Defined Benefit Plan?
- A plan that provides a base annual benefit throughout retirement.
- The amount of the benefit is determined when the employee retires.
- The benefit is based on the employee's Highest Average Compensation and years of Credited Service.
- Benefits are portable throughout the Episcopal Church.
Please contact us for the Defined Benefit Adoption Agreement.
The Lay Defined Benefit Plan is a qualified plan under Section 401(a) of the Internal Revenue Code, but as a church plan, it is not subject to ERISA. The plan's financial condition is disclosed in the Church Pension Group Annual Report.
The Church Pension Fund, as sponsor of this plan, continues to monitor the funding status closely. Like many defined benefit plans, the Lay Defined Benefit Plan currently is not fully funded. The Church Pension Fund retains the right to amend, terminate or modify the terms of the Lay Defined Benefit Plan, including the employer assessment rate, without notice and for any reason.