Full-time employees (who worked at least 1,500 hours per calendar year) that were hired prior to January 1, 2012, participate in a grandfathered pension plan. Employees hired on or after January 1, 2012, do not participate in this plan.
As announced by Archbishop Tobin on January 19, 2016, no new benefits will be earned under this plan as of July 1, 2016. After July 1, 2016, the Archdiocese will continue to fund benefits already earned under this plan, but no new benefits will accrue in the future. Any benefits earned under the plan will remain in the plan and earn interest equal to the 10-year Treasury rate, which is always a positive number. You have access to these benefits when you retire or leave your employment with the Archdiocese.
Quarterly retirement savings plan statements from McCready and Keene will list the account balance from the grandfathered pension plan. The account balance will ony change once per year, since the annual contributions are made and interest is applied at the end of each calendar year.
To estimate your benefit at retirement, Nyhart provides a benefit calculator on their participant website (you must log in to use the calculator). To learn more about accessing the resources available on Nyhart’s website, you can download a Nyhart user manual here.
Questions about the plan and requests for payments should be directed to Noreen Brown of the Nyhart Company at (317) 845-3575 or (800 )428-7106.