Pre-Conference Workbook - North Carolina Conference of The ...

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44 b. Par. 358.2b (Retirement with Actuarially Reduced Benefits - Age 62 or 30 years under appointment) ELAINE A. LILLISTON (Age 64, 15.5 years under appointment with 0.0 years of North Carolina Pre-82 credit, 9.0 years of MPP, 6.5 years of CRSP) Retired May 31, 2013. J. ALEX MAULTSBY, III (Age 57, 31.25 years under appointment with 2.5 years of North Carolina Pre-82 credit, 24.5 years of MPP, 3.5 years of CRSP) Retired January 1, 2013. c. Par. 358.2c (Regular Retirement – Age 65 or 40 years under appointment) NONE F. Par 358.2 Local Pastors retiring this year a. Par. 358.2a (Early Retirement - 20 or more years under appointment) NONE b. Par. 358.2b (Retirement with Actuarially Reduced Benefits - Age 62 or 30 years under appointment) c. Par. 358.2c (Regular Retirement – Age 65 or 40 years under appointment) JETTIE VANN FLOYD (Age 69, 14 years under appointment with 0.0 years of North Carolina Pre-82 credit, 8.5 years of MPP, 5.5 years of CRSP) Retired July 1, 2012. VI. We recommend that the expense account of the Board of Pension and such independent consultation expense as necessary during 2013-2014 be paid from funds designated as Administrative Expense in the Board of Pension Budget. VII. Extension Ministries (1506.4h): A. With pension credit by the Annual Conference - (CRSP/CPP Funds will be transferred from the Pension Budget to the various offices and agencies toward the payment of CRSP and CPP in 2013 and 2014. The purpose of the transfer is to more accurately reflect actual staffing costs of the respective offices and agencies and also to more accurately reflect the actual cost for retiree benefits and past service liability in the Pension Fund.) Jennifer Copeland Amanda Dean Carol Goehring Clifton H. Harvell Terry Hunt Greg Jenks Laura Ledford Kirk B. Oldham Tim Russell Jeff Severt Scott T. Wilkinson B. With pension responsibility on the agency/institution served: Sally Bates Randolph Lee Barnes (FD) Shane M Benjamin Margaret Ann Biddle Eileen Bisgrove (FD) Robert Brewer Wesley F. Brown Betty Ann Buckley (FD) Carolyn Burrus Leonard C. Byers II Dennis M. Campbell Kathy Clark-Dickens Laurie Hays Coffman Lisa Brown Cole Edgardo Colon-Emeric Karen Crutchfield J. Van Dickens Barry Drum Leland Jan Fogleman Donna Fowler-Marchant David Heinze Steve Hickle Mark Hicks Phyllis Hicks Tamsey Phillips Hill (PD) Randy A. Hillman William S. Hoyle Pamela J. Hudson David O. Jenkins F. Douglas Johnson G. Brenda W. Jones (PL) D. Brent Laytham Heather Lear Jerry D. Lewis L. David Malcolm Leslie Marsicano James G. Mentzer Yuko Ueda Miller (PL) Deborah A. Morgan Rosanna Panizo Valladares Rhonda Parker (PE) Michael Pasquarello Joan M. Purcell James A. Rawlings, Jr. Ellen Webb Rose (PL) Ismael Ruiz-Millan Michael W. Safley Carolyn Schuldt (PD) Richard Shannonhouse Michele R. Shields David Sluder James Warren Smith Bruce E. Stanley Carla Scanlan Vieregg Kelli Walker-Jones Brenda Walton Denise Conner Waters (FD) Luise K. Weinrich Carolyn Willis Amanda F. Wilson (FD) Ben Witherington VIII.Recommendations regarding service credit: A. None Report B Recommendations for the Pension Program and Post-Retirement Benefits I. Funding Plan for Supplement One of the Clergy Retirement Security Program A. Defined Plan Benefits: Supplement One of the Clergy Retirement Security Program (Pre-82 Plan) provides defined benefit pension benefits to participating retired clergy for all service rendered to the North Carolina Conference through December 31, 1981. This 2013AnnualPensionsRpt Printed on 5/22/13 Page 4 of 22
plan will continue until all pastors with past service benefits and their surviving spouses are deceased and is administered by the General Board of Pension and Health Benefits (GBOPHB). B. Current Past Service Rate: For many years, the Book of Discipline has defined Pre-82 Plan defined benefits as a fixed payment per year of past service. This fixed payment is the Past Service Rate (PSR). The benefit goal is stated to be a PSR of 1% of the Conference Average Compensation (CAC). Participation in the Clergy Retirement Security Program requires that an Annual Conference maintain its PSR to at least 0.9% of the CAC. The 2013 CAC for the North Carolina Conference is $68,999. The 2013 PSR is $655 or 0.95% of the CAC. Our Conference Board would like to maintain a PSR of at least 0.9% of CAC. North Carolina CAC has increased by an average of 3.05% per year over the past 10 years. We estimate future PSR increases to average approximately 5.0% 2.5% each year. C. Funded Status: The Conference is required to fund all future benefits of the Pre-82 Plan by December 31, 2021. Funded Status (previously called unfunded liability) is the difference of the current assets held by the GBOPHB for future benefits of North Carolina participants and the total present value of all future benefits to be paid under the plan at the approved PSR. The GBOPHB values assets and liabilities of the plan every two years and projects data to current years based on the increase in PSR and investment earnings. For the 2013 Funding Plan, GBOPHB and the Conference use an assumed earnings rate of 7.0%. The General Board of Pension and Health Benefits has determined that the portion of the pre-82 plan liability attributable to North Carolina Annual Conference is $39,683,028 with a 5.0% 2.5% PSR increase assumption based on a 2013 PSR of $655. Plan funds currently held with the General Board of Pension and Health Benefits have a value of $15,475,250 as of January 1, 2011 (for 2013 funding plan). The difference between the total plan liability and current plan funding is $24,207,778. This represents the unfunded plan liability and will be provided through apportionments and non-plan funds that are held in various investment sources. The Conference intends for contributions to be made within the 9-year period, ending December 31, 2021. The minimum annual contribution due December 31, 2013 is currently estimated to be $3,030,756 D. Funding Plan for 2013: Our conference pays for plan benefits through several potential funding sources. Both the interest and principal of non-plan funds may be available for retirement funding needs. Below is a description of the non-plan assets available to pay the present value of future contributions. Our Conference expects to utilize annual apportionments from the local churches as the primary source for pre-82 pension funding. Our Conference expects to receive annual apportionments in an amount of $3,300,000 for 2013 through 2015, then increasing $200,000 each year through 2018. Apportionments of $3,700,000 are expected for the year 2018. The present value of the expected apportionments is $8,660,243. This apportionment funding was originally approved by the 1991 Annual Conference. The Conference maintains a General Deposit Account with the General Board of Pension and Health Benefits that has a value of $11,494,074 as of January 1, 2013. Both the interest and principal from this account are available to meet future contribution requirements. The Conference maintains and manages various liquid asset accounts that are available for Supplement One of the Clergy Retirement Security Program funding. The current value of these accounts are $3,068,509 as of January 1, 2013. Both the interest and principal from these sources are available to meet future contribution requirements. The Superannuate Endowment fund has a value of $444,708 as of January 1, 2013. All of it is available except for the original balance of $87,195.39, from which interest only is available. The 2013 funding plan as of January 1, 2011 is summarized below: Supplement One of the Clergy Retirement Security Program funding Liability: Assuming a PSR Increase of 5.0% 2.5% $39,683,028 Current Plan Funding as of 1/1/11 $15,475,250 Unfunded Plan Liability as of 1/1/11 $24,207,778 Projected Unfunded Plan Liability as of 1/1/13 $20,912,792 2013AnnualPensionsRpt Printed on 5/22/13 Page 5 of 22 45
Page 1: Pre-Conference Workbook North Carol
Page 4 and 5: 4 So that, people of all ages and p
Page 6 and 7: 6 2013 CONFERENCE ORGANIZATION AND
Page 8 and 9: Persons with Special Needs 1. HEARI
Page 10 and 11: FINANCE AND ADMINISTRATION, COUNCIL
Page 12 and 13: II a. 2012 Actual Operating Budget
Page 14 and 15: II b. 2013 Actual Operating Budget
Page 16 and 17: 16 IIc. Contingency Reserve Fund Bu
Page 18 and 19: 18 Year Percent Base Year Net Disbu
Page 20 and 21: 20 A.Eligibility 1.Pastors of local
Page 22 and 23: 22 •Your move is 50 or more miles
Page 24 and 25: 24 2. Payroll tax forms and deposit
Page 26 and 27: 26 - New creative programs to respo
Page 28 and 29: 28 2. The lay employee must be an e
Page 30 and 31: 2. Stephen Compton, 8004 Rotterdam
Page 32 and 33: 32 EQUITABLE COMPENSATION, COMMISSI
Page 34 and 35: 34 1. A. That clergy members of the
Page 36 and 37: 36 3. Extraordinary Grants: These p
Page 38 and 39: 38 7. Participants applying at any
Page 40 and 41: 40 Health Church Portion $1,000.64
Page 42 and 43: 42 Bobby Lee Jordan John Albert Tro
Page 46 and 47: 46 Additional Plan Assets: Present
Page 48 and 49: 48 D. Effective January 1, 2007, th
Page 50 and 51: 50 with less than twenty years of e
Page 52 and 53: 52 5- 14 100% 0% 15-19 60% 40% 20-2
Page 54 and 55: 54 the gospel (within the meaning o
Page 56 and 57: 56 B. Minister Contributions - Each
Page 58 and 59: 58 C. Prohibition on Before-Tax Sal
Page 60 and 61: 60 3. Within a reasonable time befo
Page 62 and 63: 62 such person’s benefit, or appl
Page 64 and 65: 64 In December, Nancy Van Antwerp a
Page 66 and 67: 66 image of Jesus in sharing the fa
Page 68 and 69: MULTICULTURAL MINISTRIES TEAM As th
Page 70 and 71: 70 2013 Conference Journal Report C
Page 72 and 73: Disciple Bible Outreach Ministries
Page 74 and 75: NORTH CAROLINA ANNUAL CONFERENCE: A
Page 76 and 77: 76 Boston University School of Theo
Page 78 and 79: 78 Eastern PA and Peninsula Delawar
Page 80 and 81: 80 653 Beckwith Street SW Atlanta,
Page 82 and 83: 82 Greetings from the General Board
Page 84 and 85: 84 HINTON RURAL LIFE CENTER PO Box
Page 86 and 87: 86 The Media Center continues to of
Page 88 and 89: 88 A BRIEF HISTORY OF THE UNITY DIA
Page 90 and 91: 90 "Our Provisional Purpose" appear
Page 92 and 93: 92 The assembly discusses Dr. Walte
Page 96:
North CaroliNa aNNual CoNfereNCe of
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