Retirement Plan Changes Effective January 1
Our Retirement Team has been busy processing your 2025 Employer Participation Agreement elections and Staff Reports. Below are key reminders about ways the Plan is changing:
Calculation of Employer Contributions
For ease of administration, we've standardized how employer contributions are calculated. Beginning in 2025, the following will be universally excluded from the calculation:
- Payment in lieu of FICA
- Imputed insurance premiums
- Gross-up amount for same-gender couples
- Reimbursements for moving and travel expenses
- Payments for other health insurance
- Severance pay (excluded by law)
Staff Receiving Immediate Employer Contributions
All professionals credentialed or certified by the UUA will now receive employer contributions upon hire, regardless of hours or length of service. If you have a Credentialed Religious Educator or a Credentialed/Certified Music Leader who is not yet receiving employer contributions, be sure to start remitting those on January 1.
Remember, all W-2 employees (age 18 and up) may authorize voluntary contributions through salary deferral at any time. See the reminder below about enrolling all employees.
Options for Changing Employer Contribution Percentage
Most employers will now be able to change their Employer Contribution Percentage at the beginning of either the calendar year or your fiscal year. (Those with Highly Compensated Employees can only make changes at the start of the calendar year. An HCE is an employee whose salary exceeded $160,000 in 2024, not including the housing allowance.)
Two Important Reminders...
- Be sure to enroll all of your employees in Empower and ask them to choose a contribution percentage. (They should enter 0% if they do not wish to make contributions.)
- Please send your EPA elections and Staff Reports by December 15. We're coming down to the wire in processing these restatement documents before our Winter Break!