Archdiocese of Philadelphia has decided to freeze its $478 million Lay Employees' Retirement Plan, and will start a defined contribution plan, confirmed Archdiocese spokesman Ken Gavin.
The freeze will go into effect June 30, 2014; the plan is underfunded by about $150 million, according to the release.
Details on the new defined contribution plan could not be learned by press time; an initial employer contribution of 4.5% of annual compensation is expected.
