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Remittance

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.

Fidelity Introduces Simplified Contribution Platform (SCP)
for Defined Contribution Plan Remittances

The current paper-based system for submitting remittances to to Fidelity for the Lay DC and RSVP plans is being replaced with a new, quick and efficient online system. During 2018, each employer must transition to the new platform. Effective January 1, 2019, the paper-based system will no longer be available.

For help making the conversion see Fidelity Introduces SCP.

Fidelity Resources:

Please note - Those currently using PSW are not affected by the transition at this time.

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.

Transmittal Errors

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.

Taxation

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).

 

Pensions Disclaimer

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