The Diocese of Rockville Centre, one of the biggest employers on New York's Long Island, is changing its retirement benefits plan, eliminating its defined benefit pension plan in favor of a 401(k)-style retirement plan for workers with fewer than 30 years of service, church officials announced this week.
The move affects everyone from teachers to parish workers, Catholic Charities employees and others who work in the diocese.
The new 403(b) plan, which is the equivalent of a 401(k) for nonprofits, will take effect Jan. 1.
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