Complete 2012 Journal - 2012 NC Conference Journal

Section iV: Legislation and Reports 259
(b) $50,000, 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.
C. Prohibition on Before-Tax Salary Reduction Contributions - Before-tax contributions
under a salary reduction agreement shall not be permitted under this Fund.
IX. Death Benefits - When a participating member of the Fund dies, the Treasurer shall
pay to his or her designated beneficiary or beneficiaries, otherwise to his or her estate,
the full amount of the base benefit payments plus the dividends, if any, added to his or
her account. In the event that a minister dies prior to the eleventh year of membership,
the designated beneficiary or beneficiaries, or otherwise the estate, shall receive the full
amount of the base benefit payments plus the assessments contributed by the participating
member. In no case would the beneficiary, beneficiaries or estate receive less at the
time of the ministers death than the member’s assessments plus simple interest credited
annually at the rate of The United Methodist Foundation, Inc., cumulative dividend
yield for the most recent four quarters prior to the date of death.
X. Designation of Beneficiary - Each member shall provide the Conference Treasurer the
name(s) of the beneficiary or beneficiaries to whom the death benefits described in Article
IX are to be paid in the event of death. The designation shall be indicated on a form
provided by the Conference Treasurer. A designation shall not be effective unless such
form has been duly completed and filed with the Conference Treasurer. In the absence of
a designated beneficiary, benefits shall be paid to the member’s estate.
XI. Irrevocable Election Regarding Distribution of Funds - Members actively serving
must make, prior to attaining age 59 1/2, an irrevocable election to either terminate from