Retirement Benefits
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Contact Us
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Maura Lentzmlentzdioknox.orgHR Coordinator
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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. Retirement statements are sent to employees once a year usually in May or June to your home address.
If you want to apply for your retirement benefit, please complete and return the Lay Pension Plan Information Sheet. Return this form to Maura Lentz at the address below or email [email protected]Diocese of Knoxville – Human Resources
805 S. Northshore Dr.
Knoxville, TN 37919If you are already retired and need to update your W4P or Direct Deposit, complete the forms below and return to Maura Lentz at the address above or email [email protected]. If you need to update your address, please call 865-584-3307.
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 Principal. (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. You will receive an enrollment kit from Principal approximately 2 weeks after your first payroll that will instruct you how to manage your plan.
Additional information:
- Principal is the administrator of the Defined Contribution plan or 403(b) as it is often referred to as. Download the Principal app to your phone to manage your account. You can also create an online account at Principal.com where you can manage your account, make changes to your investments, manage your beneficiary and keep your address up to date as well as gain information to roll over your account.
- Principal’s customer service number is 800-547-7754 (Monday-Friday, 7 a.m. - 9 p.m. Central Time)
- The website address is www.prinicipal.com. You can create an account online to view your 403(b) account.