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403(b) SALARY DEFERRAL PLAN
All employees are eligible to participate in the plan. The amount of the deferral is exempt from federal and state income tax, but it is subject to the Federal Insurance Contributions Act (FICA) for Social Security and Medicare taxes.
The amount of employee elective deferrals in 2026 is generally limited to the lesser of 100% of the tax-exempt amount or $24,500 as set by the Internal Revenue Service for elective deferrals to qualified retirement plans such as 401(k) plans.
Employees who are age 50 or older (as of the end of the calendar year) may make an additional catch-up contribution of up to $8,000 in 2026, allowing total contributions of up to $32,500 for eligible individuals, if permitted by the plan.
Under IRS rules and the SECURE 2.0 Act, employees who are age 60, 61, 62, or 63 may be eligible for a higher catch-up limit of $11,250 in 2026 if the plan permits it; this can allow total contributions above the standard age-50 catch-up limit.
These limits are established annually by the Internal Revenue Service and may be adjusted for cost-of-living changes.
Employees may choose to participate in the plan at the time of initial employment or at the beginning of a plan year, which is September 1st of each year.
Employer Matching ContributionEmployees who have completed at least three (3) years of credited service and who work an average of more than 30 hours per week (at least 1,000 hours per year) are eligible to receive an employer matching contribution to their 403(b) retirement plan account.
Employer Match
The employer will match employee deferrals dollar-for-dollar up to 2% of eligible compensation.
For employees who defer 3% or more, the employer contribution increases to 4% of eligible compensation.
Vesting Schedule
Vesting refers to an employee’s ownership of employer contributions and is based on credited service:60% vested after 3 years of credited service
80% vested after 4 years of credited service
100% vested after 5 years of credited service
403B Empower Plan HighlightsEnrollment Forms and Funds booklet
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 2025
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Presentation On August 7, 2013 for Parish Lay Employees:
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JerryParishAug7 from Diocese of Worcester on Vimeo.
slideshow from August 7, 2013Presentation on July 22 for Central Administration Employees
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DC-pres-7-22 from Diocese of Worcester on Vimeo.
Frequently Asked Questions