Complete 2012 Journal - 2012 NC Conference Journal

244 The North Carolina Annual Conference – 2012 Journal
The Conference maintains a General Deposit Account with the General
Board of Pension and Health Benefits that has a value of $12,608,857 as of January
1, 2012. 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 $3,523,554 as of January 1, 2012. Both
the interest and principal from these sources are available to meet future contribution
requirements.
The Superannuate Endowment fund has a value of $390,911 as of January
1, 2012. All of it is available except for the original balance of $87,195.39, from
which interest only is available.
The 2012 funding plan as of January 1, 2010 is summarized below:
Supplement One of the Clergy Retirement Security Program funding Liability:
Assuming a PSR Increase of 5.0% $46,823,515
Current Plan Funding as of 1/1/10 $15,315,270
Unfunded Plan Liability as of 1/1/10 $31,508,245
Projected Unfunded Plan Liability as of 1/1/12 $29,781,126
Additional Plan Assets:
Present Value of Future Apportionments $18,442,889
General Deposit Account (GBOPHB) $12,608,857
Conference Managed Liquid Asset Accounts $3,523,554
Conference Superannuate Endowment Fund (GBOPHB) $303,716
Total Additional Plan Assets $34,879,016
Proposed Past Service Rate: The 2013 CAC for the North Carolina Conference
is $68,999. We propose that the past service rate beginning January 1, 2013 be increased
to $655 per service year, or 0.95% of the CAC. Assuming 5% future PSR
increases and 7.0% investment earnings, this increase creates an unfunded liability
of $23,188,728. The minimum annual contribution due December 31, 2013 is
currently estimated to be $3,030,756.
II. Ministerial Pension Plan (MPP) (effective through December 31, 2006)
Guidelines for the Ministerial Pension Plan and the Comprehensive Protection Plan
are contained in the plan document. A copy of the summary plan document is available
on request by contacting pension services in the treasurer’s office.
A. Service on and after January 1, 1982 through December 31, 2006 was funded on
a defined contribution basis. This plan is basically deferred salary, and creates no
unfunded liability because it builds an account of funds for a specific minister as
his/her salary is paid.
B. These contributions were placed in the individual minister’s Church Account to be
available for benefits when the minister becomes eligible for payment in the retired
relationship.