The Roman Catholic Archdiocese of Chicago is freezing its pension plan on June 30 and enhancing its defined contribution plan, confirmed Chris Cannova, associate director of human resources. The archdiocese will start making contributions to its $80 million 403(b) plan based on participants ages to target-date funds; contributions will range from 1.25% of salary for employees between 21 and 36 and up to 11.55% of salary for employees who are 65. It also will start automatic enrollment on Jan. 1.
It will continue to match participant contributions at 50 cents on the dollar up to 4% of salary.
The pension plan had $454.6 million in assets as of June 30, 2006, the most recent numbers available.