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Michigan Catholic Conferen ceLay Employees Retirement Plan Authorization Agreement for Electronic Funds TransferPersonal Information All sections to be completed in full unless otherwise indicated.

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What is lay employees retirement plan?

A lay employees retirement plan is a pension or retirement savings plan specifically designed for non-clergy employees of a religious organization, allowing them to save for retirement with potential tax benefits.

Who is required to file lay employees retirement plan?

Organizations that sponsor lay employees retirement plans are required to file the plan with the Internal Revenue Service (IRS) and comply with the Employee Retirement Income Security Act (ERISA) regulations.

How to fill out lay employees retirement plan?

To fill out a lay employees retirement plan, organizations must complete the appropriate IRS forms, provide details on the plan's structure, contributions, and eligibility criteria, and ensure compliance with federal regulations.

What is the purpose of lay employees retirement plan?

The purpose of a lay employees retirement plan is to provide retirement income security for non-clergy employees of religious organizations, encouraging savings and financial stability during retirement.

What information must be reported on lay employees retirement plan?

The information that must be reported includes plan details such as contributions, participant demographics, benefits provided, and compliance with federal regulations under ERISA.

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