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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 Massachusetts Mutual Insurance Company, 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 ($19,500 in 2020. There also is a Catch Up Contribution for employees who are 50 years old or older of ($6,500 in 2020). 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.
Summary Plan Description for 403b plan (effective 2013)Enrollment Forms and Funds booklet
Mass Mutual 403B Retirement Information-Enrollment form included
Mass Mutual Participant Change Form (Current Participants)
Connecting to your Workplace Plan
403B Parish Process Flow Document 2019
New: What type of Investor are you?
New: Mass Mutual Guidance - Balanced Approach
New: Stock Market Changes and your Investment Strategy
New: Mass Mutual Online Retirement Education
New: The Power of Perspective in Turbulent
New: Be a Smart Saver -
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