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 January 1, 2025
| Participant Category | Number | Average Age | Average Service | Average Earnings | Average Monthly Benefit |
|---|---|---|---|---|---|
| Active | 8,223 | 49.4 | 8.8 | $45,768 | N/A |
| Terminated Vested | 5,245 | 53.4 | N/A | N/A | $411 |
| Retirees | 11,209 | 75.5 | N/A | N/A | $829 |
| Beneficiaries | 1,001 | 75.2 | N/A | N/A | $642 |
| Total | 25,678 |
Funded Status
As of January 1, 2025
- Present Value of Accumulated Benefits (PVAB)
- $1,499,100,000
- Market Value of Assets
- $1,371,100,000
- Overfunded/(Underfunded) PVAB
- ($128,000,000)
- PVAB Funded Percentage
- 91.5%