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.
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
New: What type of Investor are you?
New: Stock Market Changes and your Investment Strategy
New: The Power of Perspective in Turbulent
New: Be a Smart Saver
DC-pres-7-22 from Diocese of Worcester on Vimeo.