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Delegates attending the Clergy-Laity Congress learned about a significant new initiative aimed at strengthening the long-term financial well-being of those who serve the Church. During a dedicated session on the Greek Orthodox Archdiocese of America’s new Parish 403(b) Retirement Plan, clergy and lay leaders were introduced to a program designed to help clergy and parish employees build additional retirement savings while benefiting from tax-advantaged contributions.
Developed at the request of His Eminence Archbishop Elpidophoros of America, the Parish 403(b) Plan was created to provide clergy and lay employees with greater opportunities to prepare for their financial futures. The initiative reflects the Archdiocese’s commitment to supporting those who dedicate their lives and careers to serving parish communities across the country.
Leading the presentation was Elaine Allen, Treasurer of the Archdiocese, who provided delegates with a comprehensive overview of the new retirement plan. Allen explained the structure of the program, eligibility requirements, enrollment procedures, and the benefits available to participating clergy and employees. She also outlined steps parishes can take to adopt the plan, the associated costs, and the support available throughout the implementation process.
The session emphasized that the 403(b) Plan serves as a supplemental retirement benefit for clergy in addition to the existing Clergy Pension Plan, while also offering valuable retirement savings opportunities for lay employees. Delegates were guided through key aspects of the plan, including employer responsibilities, parish adoption procedures, and the resources available through the Archdiocese and its professional partners to ensure a smooth rollout.
By creating new opportunities for retirement savings and financial preparedness, a meaningful step has been taken toward ensuring that those who dedicate themselves to the life of the Church are supported not only in their ministry today, but also in the years to come.
Joining Allen for the presentation were Chris Diafotis and Greg Verna, who are both involved in the implantation of the plan.
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