BUFFALO, N.Y. (WKBW) — The Diocese of Buffalo announced it will offer a limited-time lump sum buyout to eligible employees enrolled in the Diocese's Lay Pension Plan.
According to the diocese, the buyout will be offered to active, former and retired employees who were enrolled in the plan previously provided by parishes, Catholic schools, and other Catholic family affiliates throughout the diocese.
The diocese said those who are eligible will receive direct mailed notifications and election kits with detailed information about the program.
"This is the third such lump sum buyout program provided by the Plan since 2017. Accrual of benefits under the Plan ended at the end of 2015 and it was formally replaced by the Diocese of Buffalo 403(b) Defined Contribution Plan in 2016," a release says.
According to the diocese, the lump sum buyout is an option you may voluntarily elect and is not a requirement. It does not impact an employee's eligibility or benefits in any existing retirement plans administered by the diocese or its affiliates.
