Lay Employees’ Retirement Plan Status Information
Plan History & Structure
- Established in 1966
- Provides financial assistance during retirement or in case of disability
- For lay employees working for “units” that are under auspices of the province of Detroit
- Fully funded by the employer—employee contributions are not permitted
- Defined Benefit Church Plan
Benefit Provisions
- Normal Retirement Age
- Social Security Normal Retirement Age (SSNRA) and 5 years of service - SSNRA = 65 if born before 1943; 66 if born 1943–1959; 67 if born after 1959
- Final Average Earnings (FAE)
- Average of highest 10 years of earnings
- Normal Retirement Benefit
- 1.5% x FAE x credited service
Participant Data
As of July 1, 2022
| Participant Category | Number | Average Age | Average Service | Average Earnings | Average Monthly Benefit |
|---|---|---|---|---|---|
| Active | 8,165 | 49.3 | 9.7 | $38,018 | N/A |
| Terminated Vested | 5,041 | 53.1 | N/A | N/A | $420 |
| Retirees | 10,931 | 74.5 | N/A | N/A | $814 |
| Beneficiaries | 972 | 74.2 | N/A | N/A | $588 |
| Total | 25,109 |
Funded Status
As of July 1, 2022
- Present Value of Accumulated Benefits (PVAB)
- $1,497,600,000
- Market Value of Assets
- $1,322,500,000
- Overfunded/(Underfunded) PVAB
- ($175,100,000)
- PVAB Funded Percentage
- 88.3%