Assessments for the Lay Defined Benefit Plan are billed in advance, monthly or quarterly, and are due when billed. Late payments may jeopardize an employee's benefit.
Mail your Lay Defined Benefit Plan assessment payments to:
The Episcopal Church Lay Employees' Retirement Plan
75 Remittance Drive
Chicago, IL 60675-6121
If an Employee's Assessments are in Arrears
The Lay Defined Benefit Plan requires that assessments be paid promptly in order for employees to receive proper credit for their service and compensation earned. If assessments are not paid in a timely manner, the employee can lose certain benefits and will not receive credit for service or compensation earned after two years of non-payment, unless interest is paid in accordance with the Lay DB Plan rules.
- CPF will allow the employee to get credit for service and compensation earned for assessments that are paid two years after they are billed. The late assessments must be paid in full, with interest.
- Interest will be charged beginning 90 days after the assessment was billed. The interest rate will be equal to the lay DB Plan’s discount rate for the period from 90 days after the assessment was billed until the assessment is paid in full.
- CPF reserves the right to refuse late payment of assessments after two years if they feel the late payment is exploitative.
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.