Lay Employees’ Retirement Plan Annual Report
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, 2023
| Participant Category | Number | Average Age | Average Service | Average Earnings | Average Monthly Benefit |
|---|---|---|---|---|---|
| Active | 8,249 | 49.2 | 9.5 | $43,474 | N/A |
| Terminated Vested | 5,097 | 53.3 | N/A | N/A | $420 |
| Retirees | 11,003 | 74.9 | N/A | N/A | $823 |
| Beneficiaries | 967 | 74.8 | N/A | N/A | $597 |
| Total | 25,316 |
Funded Status
As of July 1, 2023
- Present Value of Accumulated Benefits (PVAB)
- $1,500,100,000
- Market Value of Assets
- $1,330,500,000
- Overfunded/(Underfunded) PVAB
- ($169,600,000)
- PVAB Funded Percentage
- 88.7%