After each payroll cycle, you receive a transmittal form detailing your expected contributions for each employee. Expected contributions are based on:
- The employee's compensation (with respect to your base contribution)
- The percentage the employee chooses to contribute (with respect to your matching contribution)
Making contributions in each payroll cycle, instead of monthly, will make the transmittal forms you receive more accurate.
Employer's Contribution to the Lay DC Plan
Compensation used to calculate employer contributions to the defined contribution plans is the sum of the following four components:
- Base salary (excluding housing) and scheduled taxable cash payments
- Cash housing allowance and/or utilities
- Employer-provided housing
- One-time payments
See Contributions for the definitions of the compensation components.
Fidelity Introduces Simplified Contribution Platform (SCP)
for Defined Contribution Plan Remittances
The current paper-based system for submitting remittances to CPF’s defined contribution retirement plans is being replaced with a new online system. This change applies to:
- The Episcopal Church Lay Employees’ Defined Contribution Retirement Plans (Lay DC Plans)
- The Episcopal Church Retirement Savings Plan (RSVP)
In place of the current Contribution Remittance Form, Fidelity Investments has created the online Simplified Contribution Platform, enabling you to set up, fund, and submit contributions to our defined contribution plans quickly and efficiently.
During 2018, each employer must transition to the new platform. Effective January 1, 2019, the paper-based system will no longer be available in any capacity. It is important to get started now as there are several steps involved in the transition to online remittances.
If you have not already done so, please provide your contact information as soon as possible at https://fidelityinvestments.tfaforms.net/660093.
To help you get started with online contributions, here is what you can expect to receive from Fidelity (or the “Simplified Contribution Platform”) once you have submitted your contact information:
- Within one month: a “heads up” email to notify you of the new platform.
- The next week: a welcome email including a video tutorial and detailed user guide.
- The following week: an email with your username and password and a link to log in and create your online account.
- Up to 10 days: Confirmation of bank account validation for electronic payments (setting up your ACH). Depending on the timing of your next contribution, you may need to submit one final paper check during this time.
Once your ACH has been established you can update employees for the invoice, produce an invoice, set your notification preferences and begin to make contributions.
Should you have any questions about the new platform, please contact your Fidelity service team at (800) 868-1023 or refer to the following resources:
- Simplified Contribution Platform (SCP) Introduction Letter
- Simplified Contribution Platform (SCP) User Guide
- Simplified Contribution Platform (SCP) Training Video
Please note—Those currently using PSW are not affected by the transition at this time.
To correct errors when employees leave or salaries change, notify us of the changes in writing to:
The Church Pension Fund
Attn: Pension Services
19 East 34th Street
New York, NY 10016
Changing the transmittal form is not a substitute for a written notice, although you may alter the transmittal form to process a contribution in a timely manner.
An employee's contribution may change Federal and state tax withholding amounts. For example, if gross income is $500 per week and the employee is contributing 4% ($20) on a pre-tax basis, withholdings are based on weekly earnings of $480 ($500 less $20).