Fifth Third Bank to provide archdiocesan 401(k) plan
Wednesday, August 18. 2010
ARCHDIOCESE — The Archdiocese of Cincinnati has chosen Fifth Third Band as the provider for its new 401(k) plan. This follows the May 31 announcement that the archdiocese is freezing both the defined benefit pension plan and its 403(b) plan for lay employees effective Dec. 31, 2010.
Fifth Third will provide a variety of services, to include 401(k) enrollment and education for all eligible participants, recordkeeping, loan administration, trustee and investment fund consulting and monitoring.
A committee of finance managers from the archdiocesan Central Offices and a parish business manager, with advice from an attorney from an outside law firm, recommended Fifth Third after reviewing responses to the proposals sent to eight prospective providers. Many factors were considered, including ability to meet the challenge of communicating this new benefit to thousands of employees throughout 19 counties, and a demonstrated expertise and commitment to investment and retirement plan education and administration.
The communication plan will involve live presentations at locations across the archdiocese from members of the finance staff and professionals from Fifth Third. In addition, mailings to all eligible employees, notices on the archdiocesan website (www.catholiccincinnati.org) and articles in The Catholic Telegraph will keep employees up to date on this transition.
The goal of the archdiocese regarding retirement is to continue maintaining the secure benefit promised under the frozen defined benefit plan while designing and implementing a 401(k) plan that is fair, flexible and understood by all eligible employees.
Among the features of the 401(k) plan will be the opportunity to participants to add their own contributions to the estimated 4 percent employer contribution and the ability to choose from a variety of investment options.
The archdiocese is currently working with Fifth Third to organize a schedule of presentation dates for enrollment and 401(k) education. If eligible employees have questions in the meantime, they may contact Barbara Walsh, director of benefits and risk management (513-421-3131, ext. 6603), or Richard Kelly, chief financial officer (513-421-3131, ext. 2840), with any questions.