The new 403(b) plan -- the equivalent of a 401(k) for nonprofits -- takes effect Jan. 1, 2015, said diocesan spokesman Sean Dolan.

• All former employees who are vested in the Lay Pension will retain benefits they earned while serving the Diocese or an entity participating in the plan. Letters were mailed out to employees late last week explaining the new system. For defined benefit plans our projections are also based on various alternative assumptions regarding future assest yield and interest rates. Employees with less than 30 years' experience will receive the defined benefit pension, but it will be based on their years of service as of Dec. 31, 2014, even if they continue working, he said. Your ad choices | "We think we have done everything we can to try to be more compassionate .

than many companies.". As a sacramental community, we are one with the Catholic Church throughout the world, while here at home we are united under our Diocesan Bishop, Bishop John O. Barres, to live the Gospel of Jesus Christ as one family of faith and to celebrate this life in our liturgy, sacraments, prayer and service. Contact Newsday | Current employees and plan participants will be mailed a final lay pension benefit statement after the freeze date of June 30. “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. 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. • The sponsor must have an active life of faith in the Church and provide good example. The Diocese of Rockville Centre, one of the largest employers on Long Island, is changing its retirement benefits plan. 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.

Currently, 1,380 active employees are accruing benefits in the plan. 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. "We want to be able to deliver what we promise and promise what we deliver," Dolan said.

CLIFTON  The Diocese announced March 14 that it will freeze its lay employee pension plan, effective June 30, and will establish a new redefined contribution retirement savings plan for lay employees, effective July 1. • All current plan participants will retain the benefits they have earned and will continue to accrue benefits up to the freeze date. • The Diocese will continue to make contributions to the Lay Pension after the freeze date to fund all benefits accrued through the freeze date. This is the diocese's TV station in Uniondale on March 14, 2013. Credit: Tara Conry. Current employees learned of the changes March 14. • Current plan participants will continue to earn service credit towards their eligibility for early retirement benefits under the Plan. We provide all information required by your auditors promptly so that the annual audit and filing can be completed quickly and efficiently each year.

“The Diocese remains committed to assisting its employees in preparing for retirement,” said Patrick Brennan, the Diocese’s chief financial officer.

The Diocese announced March 14 that it will freeze its lay employee pension plan, effective June 30, and will establish a new redefined contribution retirement savings plan for lay employees, effective July 1. Industry has done away with defined pension plans wherever they can, and now churches are following suit.". Click here to see open positions and details to apply, Pension Information Change-Death Reporting Form, Summary of Policies and Procedures Under the HIPAA Administrative Simplification Regulations, Director of Health & Welfare Benefits, Payroll and HR Data Support. Rockville Centre New York 11570. The diocese is making the move to ensure employees have solid retirement funds available to them, Dolan said. Subscription terms |

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. "In a defined pension, the risk is on the part of the diocese to make sure their investments perform well enough to meet demands for the pension," Zeck said. P 516.678.8000 F 516.536.5230. We're just trying to make sure that is not the case.". The diocese will match up to 1 percent if the employee contributes to that amount in as well, Dolan said. We provide consultation regarding plan design and funding. 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. March 11, 2014 Above: The Diocese of Rockville Centre's Telecare TV station in Uniondale on March 14, 2013. They fully disclose actuarial methods and assumptions, and the financial position of the plan. When the defined contribution plan is implemented, Diocesan employers will contribute a matching percentage of each individual’s compensation to their defined contribution plan account. The assets of the lay pension are held in an IRS-qualified trust that is separate from other Diocesan entities. The diocese is adopting a 403(b) plan effective January 1.

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“This action will enable the Diocese to meet its obligations to all current and future retirees; current and former employees will experience no loss or reduction of vested benefits. 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. • The Diocese will be provide additional transition and grandfather benefits for current employees whose combined years of lay pension service plus age meet certain thresholds. Cookie Settings |

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While this funding level is sufficient to meet the current and medium-term benefit payments, Brennan said, “Action had to be taken now to ensure that the lay pension can meet its long-term obligations to future retirees at a cost that is affordable to the Diocese and its employing organizations.” To address this issue, the Diocese engaged a leading human resources and benefits consulting firm to conduct an independent study of the plan with the objectives of assessing plan viability and the ability of the Diocese to maintain a defined benefit plan in the future. This will allow employees to choose to save and invest a percentage of their pre-tax salary annually.”. Advertise with Newsday | When the defined contribution plan is implemented, Diocesan employers will contribute a matching percentage of each individual’s compensation to their defined contribution plan account. Please enable notifications or using normal browsing mode. Now it's their job to invest the money. Diocesan Masses, Prayer Services, Religious Events, Donate a used vehicle to Catholic Charities, 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. These projections can be based on current or proposed plan provisions. Rev. We prepare actuarial valuations within about 2 months of receipt of final data for the plan. This … This recommendation was reviewed and accepted by the full Lay Pension Board, the Diocesan Finance Council, and the plan’s trustees. The pandemic has changed education on Long Island. Benefits information above is provided anonymously by current and former Diocese of Rockville Centre employees, and may include a summary provided by the employer.

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http://www.newsday.com/long-island/diocese-of-rockville-centre-replaces-pensions-with-401-k-style-plan-1.7359535, http://www.newsday.com/long-island/diocese-of-rockville-centre-replaces-pensions-with-401-k-style-plan-1.7359535, The Diocese of Rockville Centre, one of the largest employers on Long Island, is changing its retirement benefits. Privacy Policy | "It's something most companies have already done," Dolan said. • All retirees currently receiving benefits will continue to do so with no loss, reduction or interruption of benefit. (Credit: Newsday/Tara Conry). We in the Diocese of Rockville Centre make up the Roman Catholic Church on Long Island.

Bishop of the Roman Catholic Diocese of Rockville Centre: We have audited the accompanying statement of financial position of The Diocese of Rockville Centre Propagation of the Faith and Mission Office (the Mission Office) as of December 31, 2006, and the related statements of activities and cash flows for the year then ended. Diocese of Rockville Centre Lay Pension Plan is located in Rockville Centre, New York. 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 y . • The sponsor must be a fully-initiated member of the Catholic Church through Baptism, Confirmation and Eucharist. • The sponsor must be at least sixteen (16) years of age. "Look at how many governments and companies, people just wake up and they find they don't have a pension. 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.

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