We prepare actuarial valuations within about 2 months of receipt of final data for the plan. Diocese of Rockville Centre Replaces Pensions with 401(k)-style Plan, By Bart Jones Diocese of Rockville Centre Lay Pension Plan is located in Rockville Centre, New York. The switch to 403(b)s is becoming "very common" among Catholic dioceses across the nation, said economics professor Charles Zeck, director of the Center for the Study of Church Management at the Villanova University School of Business. The funds in the trust can only be used for their stated pension purpose. • The Diocese will continue to make contributions to the Lay Pension after the freeze date to fund all benefits accrued through the freeze date. "In a 403(b) you put the risk on the part of the employee. The Diocese of Rockville Centre, one of the largest employers on Long Island, is eliminating its defined benefit pension plan in favor of a 401(k)-style retirement plan for workers with less than 30 years service, church officials said. We take participant calls at any time during business hours. Current employees learned of the changes March 14. By clicking Sign up, you agree to our privacy policy. Contact Newsday | Industry has done away with defined pension plans wherever they can, and now churches are following suit.".
A dedicated email address, (LayPensionChanges@patersondiocese.org), was activated March 15 for inquiries about the plan freeze and to assist current and former employees with any questions. CLIFTON In the Diocese’s new defined contribution plan for lay employees, which will begin July 1, participants will have choices regarding on how their funds are to be invested. Help, LI races to watch as absentee ballots are counted, Live election updates as the ballot count continues, Biden wins Michigan, Wisconsin, Trump mounts challenges. The diocese is adopting a 403(b) plan effective January 1. The move, which will subject the retirement plans of close to 3,000 workers to fluctuations on Wall Street, affects teachers, parish workers, Catholic Charities employees and others who work in the diocese. The Diocese’s new retirement savings plan — with employer matching — will help current and future full-time employees save for retirement.” The lay employee pension plan was established in 1983 to assist those serving in the various ministries of the Diocese in retirement. Following this study, in close consultation with a special subcommittee of the Pension Board, a recommendation was made to freeze the current defined benefit pension plan and establish a defined contribution retirement savings plan. Find out how. . • All retirees currently receiving benefits will continue to do so with no loss, reduction or interruption of benefit. Participants usually have questions regarding the determination of their benefits and proper completion of election forms. . Currently, 1,380 active employees are accruing benefits in the plan. Current employees and plan participants will be mailed a final lay pension benefit statement after the freeze date of June 30.
According to news reports, employees who have worked for 30 years or more will be able to continue with the defined benefit pension plan, but pension plan accruals will stop for those with less than 30 years of service. They also frequently ask questions about statements and notices that they receive.
“While the amount of the Diocesan employer contribution will be discretionary and will be determined on an annual basis,” Patrick Brennan, the Diocese’s chief financial officer said, “we anticipate that Diocesan employers will match 50 percent of a full-time employee’s contribution up to a pre-determined percentage of the eligible employee’s compensation. The Diocese of Rockville Centre is the 6th largest Diocese in the nation and serves approximately 1.4 million Catholics through 134 parishes, 53 Catholic elementary schools and 3 diocesan high schools, and the Seminary of the Immaculate Conception. • The sponsor must have an active life of faith in the Church and provide good example. Human Resources For the Human Resources Office Fax: 516-678-9566 Email: employment@drvc.org, Contact our Pension Department: Phone: 516-678-5800 Ext.