Pension Plan

All entities within the Diocese of St. Petersburg are required to participate in a pension plan entitled, “Diocese of St Petersburg Pension Plan”. All lay employees are eligible to participate, and up until 6-30-15 may earn on year of credited services by working 1,000 hours or more from July 1st to June 30th of each year. After June 30, 2015, employees will have to work 1500 hours to gain one year of credited service.  Employees working between 1000 and 1499 hours will be awarded one half year of credited service.  Employees are 100% vested in the plan once they have completed five years of credited service. The plan is a non-contributory, defined benefit plan in which pension benefits are determined based on a factor of salary and years of credited service at the time of retirement. Normal retirement is age 65 or when age plus years of service equal 85 for employees employed by Jun 30, 2015. Employees who begin working for us after July 1, 2015 will not be eligible for the Rule of 85.  Early retirement with reduced benefits is allowed at age 55 for those with 10 years credited service.  Certain disability benefits are also available under this plan for those with 10 years credited service.

The Plan Document governs all matters concerning the plan. The plan is currently administered by the firm of Gabriel, Roeder, Smith and Company of Ft. Lauderdale, FL, and is governed by the board of trustees.