nineteen hundred and forty-six - Amazon Web Services

472 SOUTHERN BAPTIST CONVENTION
than those provided by the member and convention contributions actually received
by the Relief and Annuity Board.
(20) Administration Expenses—The Relief and Annuity Board shall have
the right to draw on the convention contributions for an amount not to exceed
one-fourth of 1% of the salary bases of the members in a given year, to be
applied towards the expenses of the Relief and Annuity Board in administering
the Plan.
(21) Amendment of Plan—As outlined above it is the objective of the
Plan to establish throughout the Southern Baptist Convention a uniform program
providing annuities for widows of members who die before entering upon
an age retirement annuity or while receiving a disability retirement annuity.
The right to amend or modify is inherent in the Plan, However, in the interest
of continued uniformity no amendment or modification of the Plan should be
made without the approval of the Relief and Annuity Board and of a majority
of the participating conventions. Therefore, it is hereby provided that any
amendment or modification of the Plan that may be deemed necessary shall be
subject to the approval of the Relief and Annuity Board and of a majority of
the participating conventions; and it is further provided that such amendment
or modification of the Plan shall become effective only after sixty (60) days
notice in writing by the Relief and Annuity Board to the participating conventions
and members and that such amendment or modification shall not
affect any obligations incurred on account of disabled members or annuities to
widows of members incurred prior to the effective date of such amendment or
modification.
(22) Discontinuance of Plan—The Relief and Annuity Board shall have the
right to discontinue the Plan upon notice of one year in writing to the participating
convention and members; or, a participating convention shall have the
right to discontinue the Plan upon notice of one year in writing to the Relief
and Annuity Board, provided that such discontinuance of the Plan shall not
affect any obligations incurred on account of disabled members or annuities to
widows of members incurred prior to the effective date of such discontinuance.
(23) Participation Required for Inauguration of Plan—The Plan shall not
become effective until at least two-thirds of the eligible persons shall have
agreed to participate and the first payments of the member contributions and
convention contributions shall have been made to the Relief and Annuity Board.
, ,^ 4) . A Texas Contract—This agreement shall be a Texas contract, and
shall be interpreted under the laws of the State of Texas.
Plan "B" presents a different type actuarial problem. The individuals el
ble for membership in this plan have a somewhat higher age average, which fact
increases the cost of the protection offered. Instead of eliminating the men in
higher age brackets from participation in the plan, the slight step-up in dues in
Plan "A" at ages 60 to 70 will go into effect in this plan at ages 50 and 60.
Otherwise, the two plans are alike as to eligibility, dues to be paid, b
offered, transfer privileges, etc. But Plan "B" cannot be inaugurated by the
Board until at least two-thirds of the individuals in a given group and two-thirds
of the groups have agreed to participate.
Explanatory Notes
1. Purpose of the Plan
This plan has but one purpose. It provides income for the member's widow
when the member dies before entering upon a retirement annuity.
2. Eligibility
Members in any contributory retirement plan of the Board makes any
married man eligible for membership in this plan.
3. The Protection the Plan Offers
The maximum widows annuity will be 40% of the potential age retirement
annuity, the amount of which shall be 50% of the average of the salary bases
upon which the member and the convention contributions had been paid under
the widows annuity plan, subject to the limiting provisions in Paraffranhs 7
and 8.
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