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
For the employer's contribution to the Lay DC Plan, compensation is defined as the sum of:
- Base salary
- Special service fees
- Allowance the employee receives to cover the cost of utility bills, such as fuel, gas and electricity, or
- The amount the employer pays for utilities on the employee's behalf
- Housing, calculated based on the formulas noted below.
- If housing is provided rent-free, the value of housing is calculated at 30% of the sum of the employee's base salary and utilities.
- If both housing and meals are provided cost-free, the value of housing is calculated at 40% of the sum of the employee's base salary and utilities.
- All or a portion of severance or pay continuation
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).