Complete 2012 Journal - 2012 NC Conference Journal

260 The North Carolina Annual Conference – 2012 Journal
the Ministers’ Transition Fund beginning with the Annual Conference following the
attainment of age 60 or to defer termination from the Fund until retirement, as defined
in the Book of Discipline, 2008, 358.1, 358.2a, 358.2b, 358.2c. Such irrevocable
election is the responsibility of the member and must be made in writing to the Conference
Treasurer by age 59 1/2. Forms can be obtained upon request from the Conference
Treasurer. Should the member fail to make the irrevocable election, the member will not
terminate from this Fund until retirement.
XII. Payment of Benefits
A. In General - At retirement or early termination from the Fund, members who
have accrued the same number of years of service credited under the Fund (during
the same calendar years) will have exactly the same accrued benefit and will receive
exactly the same benefit regardless of their total individual contributions. Notwithstanding
any other provision of this Fund, all payments under this Fund must be
made at least as rapidly as required under section 401(a)(9) of the Code and any
proposed or final regulations thereunder, including but not limited to the incidental
death benefit requirements of Code section 401(a)(9)(G).
In no case would the member receive less at retirement than the member’s assessments
plus interest computed at the United Methodist Foundation, Inc. cumulative
dividend yield for the four most recent quarters prior to the retirement date.
1. Ministers With Less Than Ten (10) Years. For ministers retiring between
January 1 through Annual Conference, and who retire or terminate from this
Fund with less than ten (10) years credit in the Fund shall be paid in a single
lump sum immediately following the session of the Annual Conference at
which he or she retires or terminates. For ministers retiring between Annual
Conference and December 31, payment shall be paid between January 1 and
January 10 of the year following the year in which the minister terminates
or retires. The benefit shall be the base benefit as prescribed in the table for
retired members under Article VI plus minister contributions.
2. Ministers With Ten (10) or More Years. A minister who retires or terminates
from this Fund with ten (10) or more years credit in the Fund must make an
irrevocable election to receive benefit payments under one of the following
options. This irrevocable election must be made no later than ninety days prior
to the retirement month or month of termination due to early retirement or
disability. For either option selected, total benefit payments shall be the base
benefits as prescribed in the table plus the dividends credited. Interest will
accrue on the principal balance beginning on the later of the retirement date
or July 1 of the retirement year and will continue until the account is paid in
full. The interest rate will equal the United Methodist Foundation, Inc. cumulative
dividend yield for the four most recent quarters. All payments excluding
the payment of member assessments shall be subject to income tax.
(a) Two payment option: The first payment shall be equal to the cumulative
amount that the member has paid in assessments. The second payment
shall be the remainder of dividends and base benefit payment earned
during their membership and interest accrued.
(b) Six payment option: The first payment shall be equal to the cumulative
amount that the member has paid in assessments. The remaining payments
shall be five equal annual installments of the remaining dividends
and base benefit payment earned during their membership and interest
accrued. The six payment option shall not be available to a member fol-