The APBA Representative of the Pension Board of Trustees and Archdiocesan leadership are proposing changes that would simplify the 403(b) Plan, making plan benefits easier to understand with the goal of increasing current participation levels. In addition to simplifying the plan, the changes would return funding of participant accounts to a pay period basis for the employer match.
For Lay Employees:
- The employer contribution is changing from a flat contribution of 2.5 percent of salary to a 100% match of participant contributions (deferrals) up to 3 percent of eligible compensation.
- All employees are eligible to participate (full and part-time) – no 1,000-hour requirement.
- Eligibility begins the first of the month following hire.
- The employee is immediately 100% vested in the employer match and all previous employer contributions.
- The employer match is funded to each participant’s account with each pay date, rather than as a lump sum after the end of the year.
- The same employer match model provided to lay employees will be provided to priests: a dollar for dollar match up to 3 percent of participant deferral, with immediate 100% vesting and eligibility.
Under the current proposal, the proposed changes above would become effective January 1, 2020.
Please use the survey found below to provide your feedback.