Important Terms and Definitions

BISHOP means the Bishop of the Diocese of Palm Beach

BOARD OF TRUSTEES means the Pension Plan Board of Trustees

DIOCESE means the Diocese of Palm Beach. For purposes of this Plan, the term Diocese includes any Parish, Institution, School, or Entity established and operated within the Diocese, with the sanction of the Bishop, and designation by the Bishop and the Board as a participating entity under the Plan.

EARNINGS means total compensation paid while Employee is a Member, including amounts contributed to a cafeteria plan, a 401(k) plan, a 403(b) plan, or a 457 plan. 

EMPLOYEE means any Lay Employee or Religious Sister or Brother.

LAY EMPLOYEE means any lay person employed by the Bishop or the Diocese in a normal employer-employee relationship (i.e., issuance of IRS Form W-2, etc.). It does not include Priests or Religious Sisters or Brothers.

MEMBER means an Employee who meets the Plan requirements and is enrolled as a Plan Member.

PLAN means the Pension Plan for Lay Employees and Religious Sisters and Brothers within the Diocese of Palm Beach as adopted by the Bishop and executed as of July 1, 1998, and as thereafter amended.

PLAN ADMINISTRATOR is the Diocese of Palm Beach Pension Plan Board of Trustees.

ORIGINAL PLAN EFFECTIVE DATE means July 1, 1985.

PLAN YEAR means any year commencing on July 1, and ending on June 30.

RELIGIOUS SISTER AND BROTHER means any Religious Sister or Brother who was a participant or member of a plan of another diocese and was so recognized by such plan’s board of trustees, and who immediately thereafter became and was acknowledged by this Plan’s Board of Trustees as a transferee from such plan into this Plan. 

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