Six tips for enrolling employees in the Retirement Savings Plan
November 05, 2021
Join the Retirement Savings Plan any time during the year. All employees can participate and employer administration is minimal. Here’s how to get started.
Retirement Savings Plan of the Presbyterian Church (U.S.A.) (RSP), administered by Fidelity Investments, is a convenient, secure way for employees to save on a tax-advantaged basis for the future. It costs nothing for you to offer the plan, contributions can be made conveniently and securely through payroll deductions, and the power of compound earnings can help employees grow significant retirement savings over time.
Do you have questions about the Retirement Savings Plan or how to enroll employees? Here are six important things to know.
If my church/organization doesn’t currently offer the RSP, what’s our first step? You can join the RSP at
any time during the year. If you do not currently offer the Retirement Savings Plan, or want to offer it to more employees, contact the Board of Pensions to speak with an employer services representative.
Are there costs for the RSP? There are no costs to the employer when offering the RSP. Employees who participate in the plan pay a modest administrative fee of $3.75 each quarter (well below the national average), which Fidelity deducts from their account.
Who is eligible to participate in the RSP, and how can we let them know? All employees are eligible and encouraged to participate in the RSP, regardless of the number of hours worked — if you offer the plan. The
Retirement Savings Plan toolkit provides helpful resources you can use to raise awareness and encourage participation.
How do employees make contributions to the RSP? You deduct contributions from employee pay as specified in the Salary Deferral Agreement and submit RSP contributions electronically to Fidelity in a timely manner. Although not required, employers may contribute to employee RSP accounts or match employee contributions. The
Simplified Contributions Planform (SCP) User Guide provides step-by-step instructions to set up, fund, and submit contributions to the RSP. (Note that the SCP registration process can take up to two weeks.)
Where do participants access their RSP account information? NetBenefits, Fidelity’s online portal, provides RSP participants with secure access to their account balance, beneficiary information, investment options and performance, and educational resources, along with calculators and other modeling tools they can use to set goals and work toward a stronger financial future.
Whenever you have questions, we’re here to help. Contact the Board of Pensions, Monday through Friday, 8:30 am. to 7 p.m. ET, at 800-773-7752 (800-PRESPLAN).