403(b) Investment Accounts and Priest Pension
The current 403(b) plan with Mutual of America (MOA) is for priests in the Archdiocese.
Lay employees with past Archdiocese 403(b) plan investments may roll them over to MOA, or leave them with the investment companies they currently have.
Priests who are interested in rolling over their previous VOYA/ING or LINCOLN 403(b) accounts to MOa will need to contact MOA and VOYA or LINCOLN to initiate the rollover of their funds, (contact information below).
BASE: As part of a priest’s compensation, the parish or institution, in which he is employed, is required to contribute $125 bi-weekly to the priest’s 403(b) MOA account. This Base Contribution is from the parish.
VOLUNTARY: Priests are encouraged to make additional Voluntary 403(b) Contributions which are deducted from their bi-weekly pay. A salary reduction agreement would be completed by making updates to your Paylocity profile.
Fees; Annual MOA fees are a minimum $48.00; $12.00 a quarter and an additional .48 to .52 of a percent for the Investing for Catholic Target Date funds, depending on your portfolio. 403(b) accounts are qualified retirement accounts subject to early withdrawal tax penalties before age 59&1/2.
YEARLY CONTRIBUTION MAXIMUMS: Federal law imposes a limit on the amount individuals may contribute to their 403(b) accounts on a yearly basis.
$20,500 – the annual maximum for individuals younger than age 50.
$6,500 additional catch up for an annual maximum of $27,000 for individuals age 50 and older.
This limit is subject to increase or decrease each year.
IMPORTANT: Be sure to select a beneficiary in your personal MOA account at – www.mutalofamerica.com
Other 403(b) Facts you need to know:
– Employee Federal Taxes: 403(b) Contributions are subject to FICA, (Social Security & Medicare taxes), but not Federal, State or Local Income Taxes.
– W2 Forms: The Pension box should be checked for any priest who makes a Voluntary contribution and/or who receives the Employer Contribution. You are not required to report any 403(b) employer contributions on the priest pay stubs or W2s. You will not need to report the priest’s 403(b) voluntary deductions on any other Federal or State Employer Tax Reports. The Employer contributions will be reported to the IRS by the Archdiocese offices.
– The 403(b) Plan is not available to Lay Employees. Information on the previous (ended 2014) Lay 403(b) companies are below.
Contacting Mutual of America
Mutual of America customer service: 1-800-441-0726 plan #98503k
Investing for Catholics:
Relationship Consultant – Mary Brunson, Vice-president
Death of an Employee or Priest:
Surviving family should call
TIAA BRT/Benefit Relationship Team 888-380-6428
Lay Plan #406426 or Priest Plan #406869
Previous Archdiocese 403(b) plans:
Lincoln Financial Group: 800-341-0441
VOYA (formerly ING): 913-661-3755