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Several thousand U.S. employees of The Church of Jesus Christ of Latter-day Saints will move July 1 from a pension plan to a retirement savings plan. An LDS Church news release Thursday announced the plan to restructure the retirement benefits program for employees hired on or after April 1, 2010.
In the release, Presiding Bishop Gary Stevenson said the Utah-based faith will fully fund the new retirement savings plan, contributing a percentage of an employee's salary to his or her retirement savings account. It also will continue to offer an employer-matched 401(k) plan and to provide increased training to help employees make the transition.
"Our employees are highly valued and essential to accomplishing our mission," Stevenson said. "At the same time, we are prudent in our financial management and always want to be good stewards of the church's resources."