403(b) Retirement Plan

Eligibility

There is a mandatory participation for any employee who works 30 or more hours per week. Part-time employees may elect to contribute. Eligible employees will begin participation on the first of the month following when they become eligible.

Auto Enrollment

Each participating employee will be automatically entered into the program through the diocese current plan, Principal. The employee may make changes to their investments, voluntary contributions, and any demographic information by logging onto the plan’s website.

Employee Contribution

The plan requires a contribution by the employee of 2% of gross pay, which will be automatically withheld from each employee’s paycheck.

Each employee must logon to the current vendor’s website to elect how they want both the employee and employer contributions invested. How the funds are invested is the
responsibility of each employee based on available investment options. If you would like additional information about investing your retirement contributions, or have questions about investing, you may contact Jim Gleason, Financial Advisor with Ameriprise Financial, at no cost to you. His contact information is:

400 W. Wilson Bridge Rd. Ste. 280, Worthington, OH 43085
Office: 614-848-3437 Ext. 4| Fax: 614-848-3459
james.m.gleason@ampf.com

Employer Match

The diocese will match the employee’s contribution with a 2% contribution.

Vesting

Employees will vest in employer contributions based on credited service. The plan utilizes a 6-year graduated vesting: 2 years 20%; 3 years 40%; 4 years 60%; 5 years 80%; 6 years 100%.