Retirement: Defined Benefit Plan
As of December 31, 2010 the Retirement Plan for Lay Employees of the Diocese of Raleigh (Defined Benefit Plan) was frozen and no new participants may enter the plan.
Prior to the Plan freeze, benefits under the Retirement Plan for Lay Employees were accrued for employees after working 1,000 hours or more per calendar year and completing at least 5 years of service. Employees became vested in the Plan upon completion of their 5th year of service and meeting the 1,000 hours requirement. Vested employees are eligible to receive a benefit at Normal Retirement age (65) or reduced benefit at Early Retirement age (55).
Normal Retirement Benefits
Terminated vested employees, 65 years of age or older, are eligible to begin their pension benefits at any time. As of January 1, 2011, the Plan was amended to allow current employees 65 year of age or older to begin receiving pension benefits while remaining employed with the Diocese of Raleigh. Vested employees who delay commencement of their benefit past the age of 65 will have a modest increase in the amount of the final benefit calculated for normal retirement.
Early Retirement Benefits
Terminated vested employees, 55 years of age or older, are eligible to begin their pension benefits at any time. Current employees Early Retirement age (55) but under Normal Retirement age (65) may not begin to receive pension benefits until at least reaching Normal Retirement age or upon termination of employment with the Diocese of Raleigh. Early Retirement benefits will be permanently reduced by a percentage from the Normal Retirement benefit based on the age of the participant at the time benefits will begin.
Applying for Pension Benefits (Defined Benefit Plan)
In order to apply for pension benefits, please complete the Request for Determination of Benefits Form (see link below) and mail to the Diocese of Raleigh Benefits Office at least 90 days prior to your anticipated commencement date. Should you have any questions regarding this, please contact the Benefits Office at 919-821-9775.