When you offer an employer match in the Retirement Savings Plan of the Presbyterian Church (U.S.A.), you help your employees set themselves up for success in retirement.
When you offer the Retirement Savings Plan of the Presbyterian Church (U.S.A.) to your employees, you can choose to offer an employer match, which means you contribute a certain amount to the employees’ accounts based on the amount they contribute. Offering an employer match can encourage employees to save or save more — and saving more now means more security later.
How you choose to offer the match can affect the amount employees contribute to the Retirement Savings Plan without affecting your budget. For example, instead of offering a 100 percent match on the first 3 percent saved, offer a 50 percent match on the first 6 percent saved. That may encourage employees to save a higher percentage of pay for retirement, at the same dollar cost to you.
Tip: To add or modify an employer match, you need only communicate with employees and send/update remittances to Fidelity Investments, the administrator for the Retirement Savings Plan, on an employer-specific basis. You do not need to revise your Employer Agreement.
For more information, call the Board of Pensions at 800-773-7752 (800-PRESPLAN), or call Fidelity Investments at 800-343-0860.