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403(b) SALARY DEFERRAL PLAN
Employees who work on average more than 20 hours per week (at least 1,000 hours per year) are eligible to defer voluntarily a percentage, in whole numbers, of their earnings into an investment account with Empower, the single provider for the plan. The plan is established under the provisions of Section 403(b) of the Internal Revenue Code. The amount of the deferral is exempt from federal and state income tax, but it is subject to the federal income contributions act (FICA) for Social Security and Medicare taxes. The amount of the deferral is limited generally to the lower of 100% of the tax-exempt amount or a limit ($20,500.00 in 2022). There also is a Catch Up Contribution for employees who are 50 years old or older of ($6,500 in 2022). These amounts are set annually by the Internal Revenue Service. Employee may choose to participate in the plan at the time of initial employment or at the beginning of a plan year on September 1st of each year.
Employer Matching Contribution
Employees who have at least 3 years of credited service at the beginning of a plan year are eligible to receive an employer matching contribution to their account in the 403 (b) plan. The employer will contribute an equal amount for deferrals up to 2%. For deferrals of 3% or more the employer will contribute 4%. Vesting, or employee entitlement to amounts contributed by the employer to the employee’s account, is related to the employee’s credited service as: 60% at 3years of credited service, 80% at 4 years of credited service, 100% at 5 years of credited service.
403B Empower Plan HighlightsEnrollment Forms and Funds booklet
403B Retirement Information-Enrollment form
403 B Beneficiary Designation
403 B Hardship Withdrawal Form
403 B Seperation from Work Withdrawal Kit
403B Parish Process Flow Document 2019
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New: Be a Smart Saver
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Presentation On August 7, 2013 for Parish Lay Employees:
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JerryParishAug7 from Diocese of Worcester on Vimeo.
slideshow from August 7, 2013Presentation on July 22 for Central Administration Employees
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DC-pres-7-22 from Diocese of Worcester on Vimeo.
Frequently Asked Questions