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

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56 B. Minister Contributions - Each minister in a pastoral appointment who participates in the Fund shall be assessed and pay into the Fund on an after-tax basis one percent (1%) of all salary and utility allowances he or she receives each year from the charge he or she is serving and/or Conference sources. (Salary also includes Equitable Salary Fund payments, Duke Endowment Funds, and missionary sources.) Such contributions may be paid in monthly installments by check or electronic bank drafts. C. District Superintendent and Conference Ministerial Staff Contributions - District superintendents and Conference ministerial staff shall be assessed and pay into the Fund on an after-tax basis one percent (1%) of their salary and utility allowances. D. All Other Ministers - All other ministers who participate in the Fund shall be assessed and pay into the Fund on an after-tax basis a sum equivalent to one percent (1%) of their annual salary and utility allowances or one percent (1%) of the Conference Average Salary and Utilities, whichever is greater. V. Deadline For Receipt of Assessment - The plan (fiscal) year of the Ministers’ Transition Fund shall be the same as that of the Annual Conference fiscal year, January 1 through December 31. No later than November 1 of each year, the Conference Treasurer shall notify all members their assessment is due. Each member of the Fund shall submit payment for the required assessment no later than January 31 of each year. Such contributions may be paid in monthly installments by check or electronic bank drafts. Assessments received after January 31 will be returned to the minister. If he or she has been a member less than ten (10) years, this lack of payment extends the period for one additional year before dividends can be received. If the minister has been a member over ten (10) years, he or she will receive no dividends for the year involving lack of payment. If any member of the Fund fails to pay his or her required assessment for three consecutive years, he or she shall be required to withdraw from membership in the Fund. VI. Base Benefits - Base benefits shall be paid to retired members of the Transition Fund as follows: If retired at the end of one year of membership $200.00 If retired at the end of two years of membership 300.00 If retired at the end of three years of membership 400.00 If retired at the end of four years of membership 500.00 If retired at the end of five years of membership 600.00 If retired at the end of six years of membership 700.00 If retired at the end of seven years of membership 800.00 If retired at the end of eight years of membership 900.00 If retired at the end of nine years of membership 1,000.00 If retired at the end of ten years of membership 1,100.00 If retired at the end of eleven years of membership 1,200.00 If retired at the end of twelve years of membership 1,300.00 If retired at the end of thirteen years of membership 1,400.00 If retired at the end of fourteen years of membership 1,500.00 If retired at the end of fifteen years of membership 1,600.00 If retired at the end of sixteen years of membership 1,700.00 If retired at the end of seventeen years of membership 1,800.00 If retired at the end of eighteen years of membership 1,900.00 If retired at the end of nineteen years of membership 2,000.00 If retired at the end of twenty years of membership 2,100.00 If retired at the end of twenty-one years of membership 2,200.00 If retired at the end of twenty-two years of membership 2,300.00 If retired at the end of twenty-three years of membership 2,400.00 If retired at the end of twenty-four years of membership 2,500.00 If retired at the end of twenty-five years of membership 2,600.00 VII. Allocation of Dividends After Ten Years of Membership -After ten years of membership, and beginning with the eleventh year, the base benefit to be paid is increased by dividends credited to the members account. Any funds, except as provided below, including apportionments, assessments, forfeitures and earnings thereon, remaining after benefits have been paid to eligible members for the plan year shall be divided into equal parts, in the case of members who remained members through the year, and portions of such equal parts in the case of members who have retired during the year and who are entitled to a part-year allocation, as described below, and credited to the accounts of 2013AnnualPensionsRpt Printed on 5/22/13 Page 16 of 22
those who have been participating members for more than ten years and are not in arrears for the previous year. A reserve equal to ten percent of the members’ payments and dividend fund balances as of December 31 each year shall be maintained. Unrealized gains on investments shall be reserved and are not generally eligible to be distributed as annual dividends. The Hearing Committee may supplement the annual dividend from such reserves to maintain the declared dividend in an amount consistent with previous year levels when such action is deemed appropriate considering current investment returns and current economic conditions. The purpose of maintaining these reserves is to insulate the members in any year from market fluctuations and preserve the ability of the fund to consistently provide for housing needs in their retirement. In the event a member retires during a year after completing ten years of membership, such member may elect to submit payment to the Fund of that portion of their assessment for the year equal to the product of (1) the assessment the member would have paid had the member not retired, and (2) a fraction, the numerator of which is the number of whole months in the year prior to the date the member retires, and the denominator of which is 12. If a member pays the assessment described in the preceding sentence, the account of the member shall also receive as an allocation of dividends for such year an amount equal to the product of (1) the amount of dividends which would be credited to the account of such member had the member not retired during such year, and (2) a fraction, the numerator of which is the number of whole months in the year prior to the date the member retires, and the denominator of which is 12. VIII.Limitations on Contributions Pursuant to the Internal Revenue Code A. In General - The contributions for any calendar year allocated to a member’s account under Articles VI and VII on behalf of a member under all Qualifying Retirement Plans in which the member participates shall not exceed the member’s Limit on Annual Additions as determined in subsection B of this Article VIII. The provisions of this Article VIII are intended to provide the limit on the amount of contributions to this Fund which are excludable from the gross income of the member pursuant to Code section 415, and shall be interpreted in a manner consistent with that Code section. B. Limit on Annual Additions Under Code Section 415 1. A member’s Limit on Annual Additions shall for any calendar year be an amount equal to the lesser of: (a) 100% of the member’s includible compensation within the meaning of Code section 415(c)(3)(E) in such calendar year, or (b) $51,000, or such greater amount as is permitted under Code section 415(c) as adjusted under Code section 415(d)(1)(B). For purposes of determining a member’s Limit on Annual Additions, in the case of a member who has more than 50% control of an employer (a “Controlled Employer”) within the meaning of Code section 415(h), contributions to a plan of the Controlled Employer that constitute annual additions (as defined in Code section 415(c)(2)) to the member shall be treated as contributions to this Plan. 2. A member’s “includible compensation” for purposes of paragraph (1), above, shall mean the amount of compensation received from an employer within the meaning of Code section 403(b)(3) and 414(e) which is includible in gross income, computed without regard to Code section 911 for the most recent period ending not later than the close of the taxable year which is counted as a one year period of service as defined under paragraph (3) below. Such term shall not include any amount received by a former member after the fifth taxable year following the taxable year in which such member was terminated, or utilities to the extent such amounts are not includible in compensation pursuant to Code section 107. 3. A member’s “period of service” for purposes of paragraph (2) above shall be expressed as a number equal to the member’s number of full years of service plus one-twelfth for each one month period of service in addition to his or her full years of service. Part-time service of a member shall be taken into account as the percentage of such service that is equal to the percentage of full-time service served. Notwithstanding any provision of this Article VIII.B to the contrary, the Limit on Annual Additions of a member who has made an election under Code section 415(c)(7) shall be determined under such Code section and the regulations issued thereunder. 2013AnnualPensionsRpt Printed on 5/22/13 Page 17 of 22 57
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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 44 and 45: 44 b. Par. 358.2b (Retirement with
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 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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