This information is only a summary of typical questions and does not replace the binding plan documents.
Please contact the Benefits Office with any benefit related questions.
403(b) Thrift Plan
*Part-time employees are eligible to contribute, but they are not eligible for any employer match.
VOYA Financial
888-311-9487
www.voyaretirementplans.com
CAPTRUST (Financial Advisors)
219-926-1182
www.captrust.com
Eligibility
You must be an active full-time employee, regularly scheduled to work 30 hours or more per week, and any academic employee who works for more than 5 months in a calendar year. Priests and Sisters assigned to the Catholic Diocese o Gary are not eligible to make salary reduction contributions under this plan.
403(b) Thrift Plan Q&A:
- How do I enroll?
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Upon hire, you should receive a VOYA Enrollment Flyer from the payroll practitioner or Business Office Manager at your location. To enroll in the Plan, you must complete the VOYA enrollment online. You will also need to complete the “Notice of 403b Retirement Benefit” form, even if you do not plan to enroll.
- If I do not want to enroll upon hire, is there anything that I need to turn in?
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Yes, you need to sign the “Notice of 403b Retirement Benefit” that is in the enrollment packet and return to your payroll person at your school, parish, or institution.
- How much can I contribute?
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You may choose to contribute a percentage (in multiples of .001%) of your compensation from 1% to 100% up to the IRS contribution limits which may change each year. For participants age 50 and older, the Internal Revenue Code permits you to contribute an additional amount which is based on the designated maximum contribution limit for the plan year.
Contact CAPTRUST at 219-926-1182 for the latest contribution limits.
- When will I be eligible for matching contributions?
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You must complete at least one year of service and be full-time to receive matching contributions.
- When I become eligible for matching contributions, how much matching will I receive?
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100% of the salary reduction contributions you are contributing during the plan year, not in excess of the first 3% of your compensation;
plus
50% of the salary reduction contributions you are contributing during the plan year that exceeds 3% of your compensation but not to exceed 6% of your compensation for the plan year.
- Are my Age-50 catch-up contributions eligible for matching contributions?
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Yes.
- Can I stop my contributions at any time?
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Yes, you may change your contribution at any time and as often as you wish. Contact VOYA by phone at 800-584-6001 or online to change your contribution amount.
- I have a retirement account from my previous employer so may I roll it over into our 403(b) Thrift Plan?
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The Diocese of Gary 403(b) Thrift Plan does accept rollovers as long as your former plan is considered an eligible roll over plan. Contact VOYA at 800-584-6001.
- What is vesting and how is it determined?
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Vesting is the amount of your account that you are entitled to. Vesting is determined by your years of service from your date of hire to your date of termination.
- What is the vesting schedule for the 403(b) Thrift Plan?
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Your own contributions and rollover funds are immediately and fully vested. Company matching contributions are completed vested when you have completed 3 years of vesting service based on your hire date.
- Can I take out a loan?
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You are able to take out a loan based on your vested account value only. Contact VOYA online at www.voyaretirementplans.com to discuss the loan requirements and process.
Resources and Forms:
Notice of 403b Retirement Benefit
Loans Made Under a Retirement Plan
Preparing to Request a Loan Flyer
Lay Retirement Plan
The Lay Retirement Defined Benefit Plan was terminated on December 31, 2014.