LAY EMPLOYEE PENSION PLAN
Long-range financial security is a subject that we all have considered at one time or another during our careers. Certainly we have all asked ourselves such questions as this one: “How will I support myself when I retire?”
The Catholic Diocese of Cleveland recognizes the importance of helping its employees achieve financial security for their retirement years. For that reason, we adopted a retirement plan in 1964. Since then, we have amended the Plan from time to time to improve benefits or to comply with changes in the law.
Your Pension Plan is designed to pay you a retirement benefit if you work to age 65. There are also provisions for early retirement. You can even earn a deferred vested benefit which will be paid at retirement even though you leave the employment of a participating employer before retirement age. The Plan will also pay a death benefit to your spouse in some cases. The amount of your pension benefit will depend on how long you work for a participating employer and your Average Monthly Compensation as specified by the plan.
The Diocese of Cleveland believes it is important that you completely understand how your Plan operates. For that reason, we have prepared the Summary Plan Description booklet below. Please feel free to contact me at any time with all of your Pension Plan questions.