Start Investing in Yourself with Help from The Episcopal Church Retirement Savings Plan (RSVP) or The Episcopal Church Lay Employees' Defined ...
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Start Investing in Yourself with Help from The Episcopal Church Retirement Savings Plan (RSVP) or The Episcopal Church Lay Employees’ Defined Contribution Retirement Plan (Lay DC Plan) EMPLOYEE GUIDE
19 East 34th Street
New York, NY 10016
(866) 802-6333
(877) 208-0092
Fax: (212) 592-9487
Welcome to your retirement plan. Depending upon your eligibility and the plan your employer has
adopted, you are now enrolled in either:
• The Episcopal Church Retirement Savings Plan (RSVP) or
• The Episcopal Church Lay Employees’ Defined Contribution Retirement Plan (Lay DC Plan).
We are delighted that you are participating in this important savings vehicle for your retirement.
Now that you are enrolled in a plan, here’s what you need to do next:
• Go online to Fidelity NetBenefits® at www.cpg.org/myaccount to set up your Web account.
• Change your contribution amount and/or investment elections.*
• Designate your beneficiaries by logging on to Fidelity NetBenefits® at www.cpg.org/myaccount and
clicking Beneficiaries in the Profile section.
Please note that wherever the word “Plan” or “Plans” is used in the Employee Guide, that term will refer to the
RSVP and the Lay DC Plan. Specific reference will be made to the RSVP or to the Lay DC Plan, as applicable,
if anything in the Employee Guide applies only to one of the Plans. Accordingly, the rules and provisions
described in the Employee Guide are applicable to both Plans unless specified otherwise.
The Employee Guide contains a description of the material terms of the Plans. Below are a few highlights.
Pretax contributions: Your contributions to the Plans are deducted from your pay before federal income
taxes are taken out. This is referred to as a “pretax contribution” and can lower the amount of income taxes
you currently pay.
Tax-deferred growth: Because each Plan is what’s known as a “qualified plan,” you will not pay any taxes on
the earnings in your account until you receive a distribution from the Plan. When you retire and start making
withdrawals, you will be taxed on that distribution. You may also be in a lower tax bracket at that time.
Employer contributions:** Under the RSVP, your employer may or may not make base and/or matching
contributions in its discretion.
Under the rules of the Lay DC Plan, your employer typically contributes a base of 5% of your annual
compensation, and also typically matches your contributions up to 4% of your compensation. That means that
your employer will contribute the base whether or not you contribute to the Lay DC Plan. But to get employer
matching money, you must contribute to the Lay DC Plan. The more you contribute, the more employer
matching money you will get — up to 4% of your annual compensation. If you are unable to commit to the 4%
contribution at this time, you can contribute at a lower rate and still build your retirement savings.
If you’re a cleric, there may be additional tax advantages: At retirement, you may be able to apply your
RSVP withdrawals toward your housing allowance, so you might not have to pay income taxes on your total
withdrawal. Make sure to consult your tax advisor about this.
Contributing the maximum amount allowed by the IRS: Each year, the IRS sets the maximum allowable
pretax contribution you can make to the Plans. If you can, it makes good sense to contribute the maximum
allowable to your retirement account because it will grow tax-deferred.
We wish you a fulfilling career and a comfortable retirement.
*Participants
are defaulted to a Fidelity Freedom® Fund – Class K option at the point of enrollment based on their current age and
assuming a retirement age of 65.
**Contributions
vary, so please obtain further information regarding employer contributions directly from your employer.Frequently asked questions about the Plans.*
The Episcopal Church Retirement Savings Plan (RSVP) is a defined contribution retirement plan
designed to satisfy Section 403(b)(9) of the Internal Revenue Code (Code).
FAQs
The Episcopal Church Lay Employees’ Defined Contribution Retirement Plan (Lay DC Plan)
is divided into two distinct defined contribution retirement plans: one of which is designed to satisfy
Section 401(a) of the Code, and the second of which is designed to satisfy Section 403(b)(9) of the Code.
INTRODUCTORY FAQS ENROLLMENT AND ELIGIBILITY
What are the purposes of the Plans? What does my employer have to do to allow
or for help enrolling call a Fidelity representative at (877) 208-0092.
For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
The Plans were established for employees of employees to enroll in the Plan?
participating employers of the Episcopal Church In order to be accepted for membership in
to save for their retirement on a tax-deferred the Plan, your employer must adopt the Plan.
basis. They function similarly to a 401(k) plan, The adoption process consists of completing
which is offered by many for-profit companies. and returning the applicable Employer
The RSVP is meant primarily to supplement the Adoption Agreement to Client Services at
retirement savings of clergy and lay employees The Church Pension Fund. “Participating
who are enrolled in a defined benefit pension employers” are employers that have been
plan. The Lay DC Plan is meant to serve as accepted for membership in the Plan by the
the primary retirement savings vehicle for Plan administrator.
lay employees whose employers are offering When am I eligible to participate in the Plan?
a defined contribution retirement plan in
accordance with Resolution A138, 76th General As a new or existing employee, once your
Convention, 2009. (For more information about employer adopts the Plan, you are eligible to
Resolution A138, see the FAQ “What are the make salary deferrals on the first day of the
employer contribution requirements for the Lay month following your date of hire and receipt
DC Plan?” on page 3.) by the Plan administrator of the Employee
Application for Membership form. However,
Can I actively participate in the RSVP and you are not eligible for employer contributions,
Lay DC Plan at the same time? if applicable, until you meet the eligibility
No, you may only actively participate in the requirements selected by your employer in its
Plan that your employer has adopted and in Employer Adoption Agreement. The maximum
which you have been enrolled. Check with your eligibility requirement is working at least 1,000
employer to determine the Plan your employer hours during the year. Participating employers
offers and the eligibility requirements, if may adopt an eligibility requirement that is
applicable. less stringent than the maximum requirement,
How is my retirement benefit determined? but not more stringent than the established
maximum. Scheduled time off for vacation,
The amount available at retirement is based on sick leave, or temporary disability (not to
your account balance, which depends on the exceed one year) counts toward the eligibility
amount invested and the performance of the requirement adopted by your employer. Check
investment(s) over time. Each participant has his with your employer to determine the applicable
or her own account and directs how the money eligibility requirement.
is invested by choosing among a range of
investment options.
*Please note that wherever the word “Plan” or “Plans” is used in these FAQs, that term will refer to one or both of the RSVP and the
Lay DC Plan. If anything in these FAQs applies only to one Plan, specific reference will be made to the RSVP or to the Lay DC Plan, as
applicable. Accordingly, the rules and provisions described in these FAQs are applicable to both Plans unless specified otherwise.
1How do I enroll in the Plan? 5. Designate your beneficiary. Your final step
Enrolling is easy. Follow these five simple steps will be to designate your beneficiary. You
to set up your account. may go online to designate your beneficiary
by logging on to Fidelity NetBenefits® at
1. Complete the Employee Application for www.cpg.org/myaccount or you may call a
FAQs
Membership Form. Once you have completed Fidelity representative at (877) 208-0092 to
the form, you will be enrolled in the Plan. If you request a paper form.
have not completed this application, you will
need to obtain the Employee Application for CONTRIBUTIONS
Membership Form from your employer. How are the Plans funded?
2. Determine your contribution amount. Please The Plans are funded by your individual
indicate the contribution amount you would like contributions (on a pretax or after-tax basis)
deducted from your compensation. If you do and/or employer contributions. Making pretax
not complete the employee contribution section contributions will reduce your current taxable
of the application, you will be automatically income.
enrolled at a 4% pretax payroll deduction.
If you are enrolled in the RSVP, some employers
You may change the percentage level of your
may make employer contributions to the RSVP
contribution at any time. Any contributions that
as a housing equity allowance (clergy only) or
are automatically deducted are not allowed to
other deferred compensation arrangement (lay
be refunded due to IRS regulations.
employee or clergy).
3. Choose your investments. Unless you
If you are enrolled in the Lay DC Plan and meet
make investment elections, your contributions
the minimum eligibility requirements selected
will be invested in the Fidelity Freedom®
by your employer in its Employer Adoption
Fund – Class K that correlates with your birth
Agreement, your employer is required to make
date as directed by the Plan sponsor, according
an employer contribution based on a percentage
to the chart on page 18 of the Employee Guide.
of your annual compensation and match your
You can elect to choose different investment
contributions up to a certain limit, as mandated
option(s) at any time. See the “Investment
by the Episcopal Church. (For more information,
Options” section in the Employee Guide
see the FAQ “What are the employer
for more information about your investment
contribution requirements for the Lay DC Plan?”
choices.
on page 11.)
4. Set up your online Fidelity account. How much can I contribute to the Plan?
To set up your Fidelity account, go to Fidelity You may contribute in 1% increments or a set
NetBenefits® at www.cpg.org/myaccount. If dollar amount of your base salary on a pretax
you need assistance, please contact a Fidelity or after-tax basis, up to the IRS limits. If you
representative at (877) 208-0092. To set up do not elect a set percentage or dollar amount
your account: on the Employee Application for Membership
• E
nter your Social Security number and set up form, you will be automatically enrolled in
a username and a password. the Plan at a pretax contribution rate of 4%
• R
eview and make your investment election(s), of your compensation, until you subsequently
by simply clicking Change Investments on the elect otherwise.
left side of the Web page. Click Investment
Election to select any of the available Plan
investment options.
• R
eview your contribution amount by clicking
Contribution Amount located on the left side
of the Web page.
2What are the IRS contribution limits? How do I change or suspend my contributions?
The IRS annual limit on pretax salary deferral If you choose to go online to change your
contributions is $18,500 for 2018. If you will attain contribution rate or suspend your contributions,
age 50 or older during the calendar year and you will need to:
FAQs
contribute up to the IRS pretax contribution • L og on to Fidelity NetBenefits® at www.cpg
limit, you are eligible to make an additional .org/myaccount and enter your username and
pretax catch-up contribution of $6,000 in 2018. In password.
addition, there is a combined annual limit for total
Plan contributions (employee pretax and after- • E
lect the contribution amount you wish
tax contributions and employer contributions), to contribute to your account by clicking
which is 100% of your Form W-2 compensation or Contribution Amount located on the left side
$55,000 ($61,000 including catch-up contributions) of the web page.
or for help enrolling call a Fidelity representative at (877) 208-0092.
For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
for 2018, whichever is less. Alternatively, you may change or suspend your
Are there any tax advantages of contributing contributions by calling a Fidelity representative
to the Plan? at (877) 208-0092.
Any earnings on the amounts that you contribute We recommend that you also notify your
to the Plan grow on a tax-deferred basis. You will employer of any change.
not pay income taxes on those earnings until you What are the employer contribution
receive a distribution from the Plan. requirements for the Lay DC Plan?
In addition, you may be eligible to take a Resolution D165, 70th General Convention, 1991,
tax credit (known as the Retirement Savings establishes minimum contribution requirements
Contributions Credit, or Saver’s Credit) for the as follows: “If the Plan is a defined contribution
eligible contributions that you make to the Plan. plan, the employer shall contribute not less
The amount of the credit is 50%, 20%, or 10% of than five percent and agree to match employee
your contributions up to $2,000 ($4,000 if married contributions up to another four percent.”
filing jointly), depending on your adjusted gross Resolution A138, 76th General Convention,
income (reported on your Form 1040 or 1040A). 2009, reaffirmed these minimum contribution
See the IRS website (www.irs.gov) for more requirements for employers that elect to
information about the Saver’s Credit. provide a defined contribution plan for their
If you are a cleric, the amounts that you employees. If the employer is a school, a
contribute to the RSVP are eligible for the different contribution rate schedule may
housing allowance exclusion when you receive a apply, as set forth in Resolution C042,
distribution, subject to IRS requirements. 77th General Convention, 2012. For more
Distributions received by clergy on account of information about these resolutions, please
retirement may be exempt from SECA taxes. visit www.cpg.org/laypensions.
What counts as “retirement” depends on a
cleric’s individual circumstances.
Please consult your tax advisor to discuss your
specific situation.
Can I change or suspend my contributions?
Yes, you can change or suspend your pretax
salary deferral contribution (or after-tax contribution)
election at any time for future contributions. However,
if you change your contributions and your employer
makes matching contributions, the matching
contribution may also change.
3How are employer contributions calculated Please see the following example:
under the Plans? Base Salary = $40,000
If you are enrolled in the RSVP, your employer Value of housing = $12,000 (i.e. 30% of $40,000)
may, but is not required to, make employer
contributions on your behalf. If you are enrolled Employer base contribution = 5%
FAQs
in the Lay DC Plan, your employer is required to Employer matching contribution = up to 4%
make employer contributions on your behalf as Employee elective pretax salary deferral = 4%
explained in the immediately preceding FAQ. In
either case, the types of employer contributions The employee will receive an employer base
that can be made to the Plans are the same and contribution equal to $2,600 (i.e. 5% x ($40,000
are described below. +$12,000)). The maximum employer matching
contribution is $2,080, which is 4% of the
An employer base contribution is a percentage employee’s total compensation of $52,000 (i.e.
of your total compensation that includes your $40,000 + $12,000). Based on the employee’s
base salary as well as all overtime, special service election of a 4% pretax salary deferral, the
fees, bonuses, utilities, severance pay, and employer matching contribution that the
housing (as described below). employee will actually receive is $1,600 (i.e. 4%
If you are a lay employee and receive church- x $40,000) because the employee cannot make
provided housing, your employer must include a salary deferral on the value of housing. To
30% of your base salary and utilities as housing. maximize the employer match, the employee
If you are a lay employee and receive both would have to contribute an additional $480
church-provided housing and meals, your to the Plan, which amount is equivalent to 1%
employer must include 40% of your base salary (rounded to the nearest whole percent) of the
and utilities as housing. Any cash housing employee’s cash compensation of $40,000 (i.e.
allowance that a lay employee receives is not $480/$40,000 = 1.2%). Thus, the employee needs
included as part of his or her total compensation. to elect a 5% pretax salary deferral in order to
Note that the total compensation for clergy maximize the employer match. All contributions
enrolled in the RSVP also includes Social Security are subject to the IRS limits described above.
tax reimbursements, employer-paid tuition Can I move money from another retirement
for dependents, and other taxable income. In plan into my account in the Plan?
addition, clergy housing is calculated differently. You are permitted to roll over eligible pretax
Please contact Client Services at The Church contributions from another 401(k) plan, 401(a) plan,
Pension Fund at (866) 802-6333 for more details. 403(b) plan or a governmental 457(b) retirement
An employer matching contribution is a plan account, or eligible pretax contributions
percentage of the amount that you actually from an IRA. In addition, you may roll over eligible
contribute to the Plan. Both pretax and after-tax after-tax contributions from another 401(k) plan,
salary deferrals are matched on a dollar for dollar 401(a) plan, or 403(b) plan. You should consult
basis. To maximize your employer match, you your tax advisor and carefully consider the impact
should try to contribute the same percentage of of making a rollover contribution to your Plan
your compensation that your employer matches. account because it could affect your eligibility for
For example, if your employer matches up to future special tax treatment. For example, if you
4% of an employee’s compensation, you should are a cleric and roll over eligible amounts from a
contribute 4% of your compensation on a pretax secular employer into the RSVP, those amounts are
and/or after-tax basis. If you receive church- not eligible for the housing allowance exclusion
provided housing, however, you must contribute when they are distributed to you. Be sure to
more than the employer match percent in order consider all your available options and the
to fully maximize the employer match. This is applicable fees and features of each before
because, under IRS regulations, you cannot make moving your retirement assets.
salary deferrals on compensation that you do not
actually receive.
4VESTING May I invest in the Church Life Insurance
Corporation Tax Sheltered Annuity?
What is vesting?
The Church Life Insurance Corporation Tax
Vesting defines when a participating employee
Sheltered Annuity (CLIC TSA) is available under
receives complete ownership of contributions
the RSVP only and was frozen to new investors
FAQs
made into his or her account, including the
effective January 1, 2005.
earnings on those contributions. Once you are
vested, you are entitled to all amounts in your May I transfer money in my account between
account even if you terminate employment with investment options and, if so, how often?
your employer. You can request a transfer of your full account
When am I vested? balance or any portion thereof between
investment options on a daily basis, but keep in
Employee and employer contributions
mind that certain investment options may have
or for help enrolling call a Fidelity representative at (877) 208-0092.
For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
(if applicable) and the earnings on those
short-term trading fees.
contributions are always 100% vested under
the Plan. Any rollover contributions you make How do I change my investment elections?
and the earnings on those contributions are To change your investment elections, simply
also always 100% vested. log on to Fidelity NetBenefits® at www.cpg
.org/myaccount. You will need to enter your
INVESTMENTS
username and password. Once you have
What are my available investment options? logged on to your account, you will need to
The investment options available under the Plan click Change Investments. You will be able to
include a variety of selections such as a stable update your investment elections to any of the
value investment option offering a fixed rate of investment options available under the Plan.
return, which is reset periodically, and mutual What if I don’t make an investment election?
funds ranging from a money market fund to We encourage you to take an active role in the
growth-focused stock funds. Plan and choose investment options that best
You can invest your account balance in one or suit your goals, time horizon, and risk tolerance.
more of these investment options. We encourage If you do not select specific investment options,
you to take an active role in the Plan and choose your contributions will be invested in the Fidelity
investment options that best suit your goals, Freedom® Fund – Class K with the target
time horizon, and risk tolerance. To assist you retirement date closest to the year you might
in making investment decisions, a complete retire, based on your current age and assuming
description of the Plan’s investment options and a retirement age of 65, at the direction of
their historical performance, as well as planning The Church Pension Fund. Please refer to the
tools to help you choose an appropriate mix, are “Investment Options” section in the Employee
available online at www.cpg.org/myaccount. You Guide for more details.
will need to enter your username and password. If no date of birth or an invalid date of birth is on
Please also refer to the “Investment Options” file at Fidelity, your contributions may be invested
section in the Employee Guide for more details. in the Fidelity Freedom® Income Fund – Class K.
Can I allocate my contributions among
different investment options?
Yes, you can allocate some or all of your
contributions among a variety of investment
options, including a stable value investment
option and mutual funds ranging from a money
market fund to growth-focused stock funds.
5What are my rights with respect to mutual If you fail to repay your loan (based on the
fund pass-through voting? original terms of the loan), it will be considered
As a Plan participant, you have the ability to in “default” and treated as a distribution,
exercise voting, tender, and other similar rights making it subject to income tax and possibly
for mutual funds in which you are invested under to a 10% early withdrawal penalty. Defaulted
FAQs
the Plan. Materials related to the exercise of loans may also impact your eligibility to request
these rights will be sent at the time of any proxy additional loans.
meeting, tender offer, or when other similar To learn more about, or to request a loan, call a
rights relating to the particular mutual funds Fidelity representative at (877) 208-0092. Be sure
held in your account can be exercised. you understand the Plan guidelines and impact
of taking a loan before you initiate a loan from
Descriptions of the investment options available
your Plan account.
under the Plans begin on page 10 of the
Employee Guide. Can I make withdrawals from my account?
Withdrawals from the Plan of pretax
LOANS, WITHDRAWALS, AND OTHER
contributions are permitted when you have
DISTRIBUTIONS
a distributable event. These events include
Can I take a loan from my account? termination of employment, retirement,
The Plan allows an active participant to take a attaining age 59½, becoming disabled, financial
loan subject to IRS limitations. You may borrow hardship, or death. The taxable portion of your
up to fifty percent (50%) of the balance of your withdrawal that is eligible for rollover into an
account to a maximum of $50,000. The minimum individual retirement account (IRA) or another
principal amount of any loan is $500.00. Any employer’s retirement plan is subject to 20%
outstanding loan balances over the previous mandatory federal income tax withholding,
12 months may reduce the amount you have unless it is directly rolled over to an IRA or
available to borrow. A maximum of two loans another employer plan. (You may owe more
may be outstanding at any one time. (Note that or less when you file your income taxes.) If
any amount invested in the CLIC TSA cannot be you are under age 59½, the taxable portion
taken as a loan but is included for purposes of of your withdrawal is also subject to a 10%
calculating the maximum amount available to early withdrawal penalty, unless you qualify for
borrow. You should carefully consider whether an exception to this rule (e.g., a distribution
to transfer money out of the CLIC TSA to a following termination of employment after
different investment option if you wish to make age 55). The Plan documents and current
it available to borrow.) tax laws and regulations will govern in case
of a discrepancy. Be sure you understand
The minimum loan repayment period is
the tax consequences and the Plan rules for
12 months. The maximum loan repayment
distributions before you initiate a distribution.
period is five years, unless the purpose of the
You may want to consult your tax advisor about
loan is to acquire a principal residence, in which
your situation.
case a repayment period of up to 15 years
is permitted (not including refinancing of a
previous loan). Loans may be prepaid in full
or in part at any time without penalty.
All loans will be charged a one-time $35
application fee and a $3.75 quarterly
recordkeeping fee. The loan application
and quarterly loan recordkeeping fees will
be deducted directly from your individual
Plan account. Loans are repaid by Automatic
Clearing House (ACH) debits through your
bank account.
6Do I have to take a distribution of my Please note that if you have designated your
entire retirement account if I terminate current spouse as your beneficiary, then he or
my employment? she will remain your beneficiary even if you
No, you do not have to take a distribution of subsequently divorce or legally separate, unless
your entire retirement account if you terminate you affirmatively designate a new beneficiary or
FAQs
employment and the balance of your account remarry and report your remarriage to the Plan
stays above $1,000. You have several options. administrator.
You can maintain your retirement savings in the What fees may be charged against my
Plan until you retire or until April 1 following account balance?
the year in which you attain age 70½, when you • A
dministrative fees are currently fixed at
may need to satisfy IRS minimum distribution 0.05% per quarter and are charged at the
requirements. You can also take partial or full beginning of each quarter based on the
or for help enrolling call a Fidelity representative at (877) 208-0092.
For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
withdrawals from your account, annuitize all or market value of the mutual fund account
a portion of your account, or roll over money balances at the end of the previous quarter.
into an IRA or another employer’s retirement
plan. If your account balance is equal to or falls • A
s with all mutual fund investments, there are
below $1,000, however, your entire account some underlying fees and expenses, which
will be distributed directly to you, unless you will vary by fund.
elect otherwise. • T
here are no management or administrative
How can I access my Plan money fees charged on the Stable Value Option
in retirement? (SVO).
The Plan offers several options to select • T
here is no fee for transferring monies
from. These options are called “distribution between mutual funds (except when fund
options” and include guaranteed lifetime short-term trading fees are applicable).
income that offers you the stability of equal • T
aking a new loan incurs a $35.00 processing
monthly payments, a specified payment, partial fee and a $3.75 quarterly recordkeeping fee
withdrawal, or a lump sum payment. for each outstanding loan.
What happens to the money in my account • T
here is no fee for processing a distribution
when I die? from an account.
The balance is payable to your designated How often will I receive account statements
beneficiary. If you did not designate a and in what format will they be delivered?
beneficiary, your account balance is payable to
You will receive account statements on a
your spouse (if any); otherwise, your account
quarterly basis. A link to your statement will
balance is payable to your estate.
be sent to you via e-mail. To receive your
BENEFICIARIES, FEES, AND STATEMENTS statement via print, please register online at
www.cpg.org/myaccount. Once registered, you
When should I designate my beneficiary? will be prompted to choose whether to keep the
It is important to select your beneficiaries when electronic delivery of statements or to receive
you first enroll in the Plan. Also, please keep printed statements in the mail. Regardless of
in mind that if you have experienced a life- how you receive your quarterly statements, you
changing event, such as a marriage, divorce, can view your account any time by logging on
birth of a child, or a death in the family, it’s time to www.cpg.org/myaccount.
to reconsider your beneficiary designation(s).
To make your designations, simply log on to
Fidelity NetBenefits® at www.cpg.org/myaccount
and click Beneficiaries in the Profile section. If
you do not have access to the Internet or prefer
to complete your beneficiary information by
paper form, please call a Fidelity representative
at (877) 208-0092.
7CLAIMS AND APPEALS PROCESS Appeal Procedure
How do I file a claim if I have been denied a Within 60 days after the date the claimant
benefit under the Plan? receives CPF’s denial letter, the claimant (or his
or her authorized representative) may submit
If a participant, beneficiary, or any other person a written appeal letter to CPF at the address
FAQs
(a “claimant”) believes that he or she has been below. (CPF may, in its sole discretion, extend
denied benefits that he or she is due under the 60-day period to file an appeal.) The appeal
the Plan, the claimant may file a claim with letter should give a detailed explanation of why
The Church Pension Fund (CPF) at the address the claimant believes the claim should not have
below. The claim: been denied and include any other documents
or supporting information that may have bearing
• must be in writing,
on the claim. The claimant will be afforded a full
• m
ay be submitted either by the claimant or and fair review of the claim that does not give
by his or her authorized representative, and deference to the initial determination.
• m
ust provide detailed reasons (including The claimant generally will receive a written
any supporting evidence) regarding why the response to his or her appeal within 90 days
claimant believes CPF’s initial decision was after the appeal is received by CPF. If CPF
incorrect. needs additional time (up to 90 days) to review
the claim, the claimant will be notified of the
The claim will be subject to a full and fair
reason(s) for the delay and the anticipated
review. The claimant generally will receive a
response date, which may not exceed a total of
written response to his or her claim within 60 180 days from the date CPF received the appeal.
days after the claim is received by CPF. If CPF
needs additional time (up to 60 days) to review If, upon appeal, the denial of the claim is upheld,
the claim, the claimant will be notified of the CPF’s written response will again give the specific
reason(s) for the denial and the plan provision(s)
reason(s) for the delay and the anticipated
on which the denial is based.
response date, which may not exceed a total of
120 days from the date CPF received the claim. Where to file an appeal:
If CPF denies the claim, in whole or in part, Attn: Benefit Appeals Committee
CPF’s written response to the claimant will Church Pension Group
include: P.O. Box 2745
New York, NY 10164-4514
• the specific reason(s) for the denial,
How do I file a claim if my application for
• s pecific reference to the Plan provision(s) on disability status is rejected?
which the denial is based, and
If a claim relates to whether or not a participant is
• a
description of the Plan’s appeal procedures disabled, the initial disability benefit claim should
and the time limits applicable to such be submitted to CPF’s Medical Board, which
procedures. is currently Liberty Life Assurance Company of
Where to file an initial benefit claim: Boston (“Liberty Mutual”), in accordance with
Liberty Mutual’s claims procedures.
Attn: Pension Appeals — Initial Benefit Claims
Disability Appeal Procedure
Church Pension Group
P.O. Box 2745 If Liberty Mutual denies the initial disability
New York, NY 10164-4514 benefit claim, the claimant (or his or her
authorized representative) may submit a
written appeal letter to CPF’s Benefit Appeals
Committee. The same appeal procedures
outlined above generally will apply, except that:
8• the appeal must be submitted to CPF within
180 days after the claimant’s receipt of Liberty
Mutual’s denial letter (CPF may, in its sole
discretion, extend the 180-day period to file
an appeal), and
FAQs
• in rendering its decision, CPF may, in its sole
discretion, consult an independent expert
selected by CPF from time to time.
What are my options after I exhaust the
Plan’s claims procedures?
If a claimant is not satisfied with CPF’s final
determination and has exhausted the Plan’s
or for help enrolling call a Fidelity representative at (877) 208-0092.
For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
administrative review process outlined above in
the previous two questions, the claimant may
file a civil suit. The civil suit must be filed within
180 days after the claimant receives CPF’s final
determination. As a participant or beneficiary
in the Plan, the claimant has consented to the
venue and exclusive jurisdiction of the courts
located in New York City. Therefore, any civil
action must be filed in New York City.
9Investment Options
The Episcopal Church Retirement Savings Plan
Spectrums
and
The Episcopal Church Lay Employees’ Defined Contribution
Retirement Plan
CONSERVATIVE AGGRESSIVE
Categories to the left have potentially Categories to the right have potentially
more inflation risk and less investment risk less inflation risk and more investment risk
Domestic International/
Short Term Stable Value Bond
Equity Global Equity
Government CLIC TSA* Diversified Large Value Large Blend Large Growth Diversified
Fidelity® Dodge & Cox Dodge & Cox DFA U.S. Fidelity® American Funds
Stable Value
Investments Income Fund Stock Fund Sustainability Contrafund®— EuroPacific Growth
Option
Money Market Core 1 Portfolio Class K Fund® Class R-6
Fidelity® U.S. Bond
Government
Index Fund— Fidelity® 500 Index Small Growth Fidelity®
Portfolio -
Premium Class Fund - Institutional Neuberger Berman International Index
Institutional Class
Premium Class Genesis Fund Fund—Premium
Inflation-Protected
Mid Blend Class R6 Class
American Century
Fidelity® Extended
Inflation Adjusted
Market Index
Bond Fund R5
Fund—Premium
Class
Class
*Please note that the CLIC TSA is available under the RSVP only and was frozen to new investors effective January 1, 2005.
This spectrum, with the exception of the Domestic Equity category, is based on Fidelity’s analysis of the characteristics of the general
investment categories and not on the actual investment options and their holdings, which can change frequently. Investment options
in the Domestic Equity category are based on the options’ Morningstar categories as of 09/30/2017. Morningstar categories are
based on a fund’s style as measured by its underlying portfolio holdings over the past three years and may change at any time.
These style calculations do not represent the investment options’ objectives and do not predict the investment options’ future styles.
Investment options are listed in alphabetical order within each investment category. Risk associated with the investment options can
vary significantly within each particular investment category and the relative risk of categories may change under certain economic
conditions. For a more complete discussion of risk associated with the mutual fund options, please read the prospectuses before
making your investment decisions. The spectrum does not represent actual or implied performance.
10Investment Options
The Episcopal Church Retirement Savings Plan
Spectrums
and
The Episcopal Church Lay Employees’ Defined Contribution
Retirement Plan
Target Date Funds
Placement of investment options within each risk spectrum is only in relation to the investment options
or for help enrolling call a Fidelity representative at (877) 208-0092.
For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
within that specific spectrum. Placement does not reflect risk relative to the investment options shown in
the other risk spectrums.
For each risk spectrum below, investment options to the left For each risk spectrum below, investment options to the right
have potentially more inflation risk and less investment risk have potentially less inflation risk and more investment risk
Risk Spectrum for Target Date Funds
Fidelity Freedom® Income Fund - Class K Fidelity Freedom® 2020 Fund - Class K Fidelity Freedom® 2040 Fund - Class K
Fidelity Freedom® 2010 Fund - Class K Fidelity Freedom® 2025 Fund - Class K Fidelity Freedom® 2045 Fund - Class K
Fidelity Freedom® 2015 Fund - Class K Fidelity Freedom® 2030 Fund - Class K Fidelity Freedom® 2050 Fund - Class K
Fidelity Freedom® 2035 Fund - Class K Fidelity Freedom® 2055 Fund - Class K
Fidelity Freedom® 2060 Fund - Class K
Target date investments are generally designed for investors expecting to retire around the year indicated in each investment’s
name. The investments are managed to gradually become more conservative over time. The investment risk of each target
date investment changes over time as the investment’s asset allocation changes. The investments are subject to the volatility
of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to
risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time,
including at or after the investments’ target dates.
The chart below illustrates the Plan-assigned fund that the Plan sponsor believes will best fit your diversification needs should
you not select an investment option.
Your Birth Date* Fund Name Target Retirement Years
December 31, 1942, or before Fidelity Freedom® Income Fund - Class K Retired 2007 or before
January 1, 1943–December 31, 1947 Fidelity Freedom® 2010 Fund - Class K 2008–2012
January 1, 1948–December 31, 1952 Fidelity Freedom® 2015 Fund - Class K 2013–2017
January 1, 1953–December 31, 1957 Fidelity Freedom® 2020 Fund - Class K 2018–2022
January 1, 1958–December 31, 1962 Fidelity Freedom® 2025 Fund - Class K 2023–2027
January 1, 1963–December 31, 1967 Fidelity Freedom® 2030 Fund - Class K 2028–2032
January 1, 1968–December 31, 1972 Fidelity Freedom® 2035 Fund - Class K 2033–2037
January 1, 1973–December 31, 1977 Fidelity Freedom® 2040 Fund - Class K 2038–2042
January 1, 1978–December 31, 1982 Fidelity Freedom® 2045 Fund - Class K 2043–2047
January 1, 1983–December 31, 1987 Fidelity Freedom® 2050 Fund - Class K 2048–2052
January 1, 1988–December 31, 1992 Fidelity Freedom® 2055 Fund - Class K 2053–2057
January 1, 1993, or after Fidelity Freedom® 2060 Fund - Class K 2058 or later
*Dates selected by Plan sponsor.
11Investment Options
Investment Options
Before investing in any investment option, consider the investment objectives, risks, charges,
and expenses. Contact Fidelity for a mutual fund prospectus or, if available, a summary
prospectus containing this information. Read it carefully.
American Century Inflation Adjusted Bond Fund R5 Class
Ticker: AIANX
Objective: The investment seeks total return and inflation protection consistent with investment in inflation-
indexed securities.
Strategy: Under normal market conditions, the fund invests at least 80% of its net assets in inflation-adjusted bonds.
It also may invest in derivative instruments such as futures contracts and swap agreements (including, but not limited
to, inflation swap agreements and credit default swap agreements), or in mortgage- or asset-backed securities. The fund
may invest in U.S. Treasury futures, inflation swap agreements and credit default swap agreements to manage duration,
inflation and credit exposure.
Risk: The interest payments of TIPS are variable, they generally rise with inflation and fall with deflation. In general the
bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually
fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry
inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds
do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Additional risk information for this product may be found in the prospectus or other product materials, if available.
Short-term redemption fee: None
Who may want to invest:
• Someone who is seeking potential returns primarily in the form of interest dividends and who can tolerate more
frequent changes in the size of dividend distributions than those usually found with more conservative bond funds.
• Someone who is seeking to supplement his or her core fixed-income holdings with a bond investment that is tied to
changes in inflation.
This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.
The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class’s actual
inception of 10/01/2002. These calculated returns reflect the historical performance of the oldest share class of the fund,
with an inception date of 02/10/1997, adjusted to reflect the fees and expenses of this share class (when this share class’s
fees and expenses are higher.) Please refer to a fund’s prospectus for information regarding fees and expenses. These
adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from
those applied by other entities, including the fund itself.
American Funds EuroPacific Growth Fund® Class R-6
Ticker: RERGX
Objective: The investment seeks long-term growth of capital.
Strategy: The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment
adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the
potential for above-average capital appreciation. It normally will invest at least 80% of its net assets in securities of
issuers in Europe and the Pacific Basin. The fund may invest a portion of its assets in common stocks and other securities
of companies in emerging markets.
Risk: Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which
may be magnified in emerging markets. Growth stocks can perform differently from the market as a whole and can be
more volatile than other types of stocks. Stock markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, economic or other developments. Additional risk information for this product may be
found in the prospectus or other product materials, if available.
Short-term redemption fee: None
Who may want to invest:
• Someone who is seeking to complement a portfolio of domestic investments with international investments, which can
behave differently.
12 • Someone who is willing to accept the higher degree of risk associated with investing overseas.This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.
Investment Options
The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class’s actual
inception of 05/01/2009. These calculated returns reflect the historical performance of the oldest share class of the fund,
with an inception date of 04/16/1984, adjusted to reflect the fees and expenses of this share class (when this share class’s
fees and expenses are higher.) Please refer to a fund’s prospectus for information regarding fees and expenses. These
adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from
those applied by other entities, including the fund itself.
DFA U.S. Sustainability Core 1 Portfolio
Ticker: DFSIX
Objective: The investment seeks long-term capital appreciation.
or for help enrolling call a Fidelity representative at (877) 208-0092.
For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
Strategy: The Portfolio purchases a broad and diverse group of securities of U.S. companies with a greater emphasis on
small capitalization and value companies as compared to their representation in the U.S. Universe, while adjusting the
composition of the Portfolio based on sustainability impact considerations. It also may purchase or sell futures contracts
and options on futures contracts for U.S. equity securities and indices, to adjust market exposure based on actual or
expected cash inflows to or outflows from the Portfolio.
Risk: Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile.
Value stocks can continue to be undervalued by the market for long periods of time. Stock markets are volatile and can
decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These
risks may be magnified in foreign markets. Additional risk information for this product may be found in the prospectus or
other product materials, if available.
Short-term redemption fee: None
Who may want to invest:
• Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.
• Someone who is seeking both growth- and value-style investments and who is willing to accept the volatility associated
with investing in the stock market.
This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.
Dodge & Cox Income Fund
Ticker: DODIX
Objective: The investment seeks a high and stable rate of current income, consistent with long-term preservation of
capital.
Strategy: The fund invests in a diversified portfolio of bonds and other debt securities. Under normal circumstances,
the fund will invest at least 80% of its total assets in (1) investment-grade debt securities and (2) cash equivalents.
“Investment grade” means securities rated Baa3 or higher by Moody’s Investors Service, or BBB- or higher by Standard
&Poor’s Ratings Group or Fitch Ratings, or equivalently rated by any nationally recognized statistical rating organization,
or, if unrated, deemed to be of similar quality by Dodge &Cox.
Risk: In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise,
bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income
securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds,
most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity
is not possible. Additional risk information for this product may be found in the prospectus or other product materials, if
available.
Short-term redemption fee: None
Who may want to invest:
• Someone who is seeking potential returns primarily in the form of interest dividends rather than through an increase in
share price.
• Someone who is seeking to diversify an equity portfolio with a more conservative investment option.
This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.
13Dodge &Cox Stock Fund
Ticker: DODGX
Investment Options
Objective: The investment seeks long-term growth of principal and income; a secondary objective is to achieve a
reasonable current income.
Strategy: The fund invests primarily in a diversified portfolio of equity securities. It will invest at least 80% of its total assets in
equity securities, including common stocks, depositary receipts evidencing ownership of common stocks, preferred stocks,
securities convertible into common stocks, and securities that carry the right to buy common stocks. The fund may invest up to
20% of its total assets in U.S. dollar-denominated securities of non-U.S. issuers traded in the United States that are not in the
S&P 500.
Risk: Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market
for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political,
regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Additional risk
information for this product may be found in the prospectus or other product materials, if available.
Short-term redemption fee: None
Who may want to invest:
• Someone who is seeking the potential for long-term share-price appreciation and, secondarily, dividend income.
• Someone who is comfortable with the volatility of large-cap stocks and value-style investments.
This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.
S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and
industry group representation to represent U.S. equity performance.
Fidelity Freedom® 2010 Fund - Class K
Ticker: FSNKX
Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high
current income and, as a secondary objective, capital appreciation.
Strategy: Designed for investors who anticipate retiring in or within a few years of the fund’s target retirement year at or
around age 65 and plan to gradually withdraw the value of their account in the fund over time. Investing in a
combination of Fidelity domestic equity funds, international equity funds (developed and emerging markets), bond
funds, and short-term funds (underlying Fidelity funds). Allocating assets among underlying Fidelity funds according to a
“neutral” asset allocation strategy that becomes increasingly conservative until it reaches an allocation similar to that of
the Freedom Income Fund - approximately 17% in domestic equity funds, 7% in international equity funds, 46% in bond
funds, and 30% in short-term funds (approximately 10 to 19 years after the target year). Ultimately, the fund will merge
with the Freedom Income Fund. Through an active asset allocation strategy, the Adviser may increase or decrease neutral
asset class exposures by up to 10 percentage points for equity (includes domestic and international equity funds), bond
and short-term funds to reflect the Adviser’s market outlook, which is primarily focused on the intermediate term. The
Adviser may also make active asset allocations within other asset classes (including commodities, high yield debt, floating
rate debt, real estate debt, inflation-protected debt, and emerging markets debt) from 0% to 10% individually but no
more than 25% in aggregate within those other asset classes. The Adviser may continue to seek high total return for
several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.
Risk: The investment risk of each Fidelity Freedom Fund changes over time as its asset allocation changes. These risks are
subject to the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser’s ability to use an active asset
allocation strategy, investors may be subject to a different risk profile compared to the fund’s neutral asset allocation strategy
shown in its glide path. The funds are subject to the volatility of the financial markets, including that of equity and fixed
income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,
commodity-linked, and foreign securities. No target date fund is considered a complete retirement program and there is no
guarantee any single fund will provide sufficient retirement income at or through retirement. Principal invested is not
guaranteed at any time, including at or after the funds’ target dates.
Short-term redemption fee: None
Who may want to invest:
• Someone who is seeking an investment option intended for people in or very near retirement and who is willing to
accept the volatility of diversified investments in the market.
• Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or
who does not feel comfortable making asset allocation choices over time.
14This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.
On July 20, 2017, an initial offering of the Fidelity Freedom K class took place. Returns and expenses prior to that date
Investment Options
are those of the Freedom (retail) class. Had K class expenses been reflected in the returns shown, total returns would
have been higher.
Fidelity Freedom® 2015 Fund - Class K
Ticker: FSNLX
Objective: Seeks high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high
current income and, as a secondary objective, capital appreciation.
Strategy: Designed for investors who anticipate retiring in or within a few years of the fund’s target retirement year
at or around age 65 and plan to gradually withdraw the value of their account in the fund over time. Investing in a
combination of Fidelity domestic equity funds, international equity funds (developed and emerging markets), bond
or for help enrolling call a Fidelity representative at (877) 208-0092.
For more information, visit Fidelity NetBenefits® at www.cpg.org/myaccount
funds, and short-term funds (underlying Fidelity funds). Allocating assets among underlying Fidelity funds according to
a “neutral” asset allocation strategy that becomes increasingly conservative until it reaches an allocation similar to that
of the Freedom Income Fund - approximately 17% in domestic equity funds, 7% in international equity funds, 46% in
bond funds, and 30% in short-term funds (approximately 10 to 19 years after the target year). Ultimately, the fund will
merge with the Freedom Income Fund. Through an active asset allocation strategy, the Adviser may increase or decrease
neutral asset class exposures by up to 10 percentage points for equity (includes domestic and international equity funds),
bond and short-term funds to reflect the Adviser’s market outlook, which is primarily focused on the intermediate term.
The Adviser may also make active asset allocations within other asset classes (including commodities, high yield debt,
floating rate debt, real estate debt, inflation-protected debt, and emerging markets debt) from 0% to 10% individually
but no more than 25% in aggregate within those other asset classes. The Adviser may continue to seek high total return
for several years beyond the fund’s target retirement date in an effort to achieve the fund’s overall investment objective.
Risk: The investment risk of each Fidelity Freedom Fund changes over time as its asset allocation changes. These risks
are subject to the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser’s ability to use an active
asset allocation strategy, investors may be subject to a different risk profile compared to the fund’s neutral asset
allocation strategy shown in its glide path. The funds are subject to the volatility of the financial markets, including that
of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in
high-yield, small-cap, commodity-linked, and foreign securities. No target date fund is considered a complete retirement
program and there is no guarantee any single fund will provide sufficient retirement income at or through retirement.
Principal invested is not guaranteed at any time, including at or after the funds’ target dates.
Short-term redemption fee: None
Who may want to invest:
• Someone who is seeking an investment option intended for people in or very near retirement and who is willing to
accept the volatility of diversified investments in the market.
• Someone who is seeking a diversified mix of stocks, bonds, and short-term investments in one investment option or
who does not feel comfortable making asset allocation choices over time.
This description is only intended to provide a brief overview of the mutual fund. Read the fund’s prospectus for more
detailed information about the fund.
On July 20, 2017, an initial offering of the Fidelity Freedom K class took place. Returns and expenses prior to that date
are those of the Freedom (retail) class. Had K class expenses been reflected in the returns shown, total returns would
have been higher.
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