The Diocese of Knoxville offers its employees two types of retirement plans. One is a “defined benefit” plan and the other is a “defined contribution plan.” Defined benefit plan. The Diocese of Knoxville Lay Employee Retirement Plan is designed to pay a monthly benefit for the rest of your life after retirement. The plan’s assumed retirement age is 65; however, the earliest one can collect a retirement benefit is age 55. At any age prior to 65, your benefit will be reduced to account for collection over a longer time. This plan is not portable nor can the balance be paid in a lump sum except when an employee leaves employment and the value his or her benefit is $5,000 or less. A retired lay employee is no longer eligible for medical insurance through the diocese.
- If you are already retired and need to change the direct deposit of your retirement check, click here for the form . If you need to change your W4P form click here.
- Lay Retirement Summary Plan Description. This describes the “defined benefit” plan.
If you want to apply for your retirement benefit, please complete and return the Lay Pension Plan Information Sheet. Defined contribution plan. 403(b) plan. Employees who started work within the diocese after 2011 have been automatically enrolled in the Diocese Employees’ Retirement Savings Plan, administered by Wells Fargo. (Employees may opt out or discontinue contributions at any time.) Your employer matches dollar for dollar what you contribute, up to a maximum of 3 percent. (However you may contribute up to the IRS limit in any given year.) You are immediately vested in the account balance and you may roll it over when you leave employment, if you wish.
- 403B Plan Summary Plan Description. This is the voluntary “defined contribution” plan.
- Wells Fargo’s customer service number is 866-640-5138.
- The website address is http://www.wellsfargo.com/retirement-plan/.