Understanding Lay Employee Retirement Readiness – We Need Your Help
For almost 40 years, the Church Pension Group (CPG) has helped eligible lay employees prepare for retirement. In 1980, CPG first offered retirement benefits to lay employees through the creation of The Episcopal Church Lay Employees’ Retirement Plan (Lay DB Plan), which was followed by The Episcopal Church Lay Employees’ Defined Contribution Retirement Plan (Lay DC Plan) in 1992. Today, more than 1,200 active lay employees participate in the Lay DB Plan, while some 8,100 active lay employees participate in the Lay DC Plan. In addition, more than 1,500 retired employees currently collect pension benefits from the Lay DB Plan.
CPG is committed to helping lay employees prepare for retirement. Understanding their retirement needs and mindsets is an important step. Late last year, we embarked on a survey of lay employees to better understand how well-prepared they feel for retirement. While we have received more than 1,200 responses, we are still hoping to receive others. So, if you are a lay employee who is depending on CPG for retirement benefits, please take a moment to complete the survey. We emailed a link to the survey to lay employees earlier this year. If you did not receive it, please email firstname.lastname@example.org. We want to hear from you.
Laurie Kazilionis, Senior Vice President of Integrated Benefits Account Management Services (IBAMS), commented, “I often field questions about CPG’s commitment to lay employees. This survey is a step toward helping us understand where the gaps in retirement readiness among lay employees exist so that we can think about how best to fill them.”
Matthew Price, Ph.D., Senior Vice President of Research & Data at CPG, added, “We already have a lot of data about enrollment and contributions to retirement savings accounts, but we need to understand how lay employees feel about retirement. Do they feel confident and ready? Are they aware of the retirement planning tools available to them? We are basically trying to figure how we can better help in mission-appropriate ways.”
The survey will remain open until the end of April 2018. In addition, CPG is hosting a series of focus groups to discover additional insights. We appreciate your cooperation and partnership as we look for ways to advance our efforts in serving lay employees around the Church.