Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

170 MINUTES OF THE 1997 SYNOD OF THE
no other reason, to deal with the problem of the increased cost of living. The
Board will continue to evaluate the appropriateness of the current funding levels to
determine if these levels meet the objectives of the program.
ASSESSMENTS
The 1995 Synod adopted the recommendation of the Board that
congregational/presbytery treasurers forward $16.00 per communicant member,
based on their communicant membership as of the 31st day of December, 1995
to the denominational treasurer's office. The same amount was approved for
1997, based on the communicant membership as of the 31st day of December,
1996. These funds are to be paid in quarterly installments. They are credited to
the Current Account of the Pension Trustees and used to fund the expenses as
shown in the Treasurer's report.
BENEFITS
As of January 1, 1996, pensions for Plan A Participants (those over 54 years of
age on January 1, 1974) are being paid to thirteen (13) couples and twelve (12)
individuals. Couples receiving a full pension are receiving $360.00 per month and
individuals are receiving $300.00 per month. In 1995, $100,400.00 was paid
out and it is estimated that $93,300.00 will be paid out in 1996.
In light of the financialsituation at the 1995 meeting of Synod, the Board did
not recommend an increase for the participants in Plan A for either 1996 or
1997. However, the Board is continuing the Plan A Supplement Program, which
is providing some additional funds for Plan A participants. A bulletin insert was
sent out to all the congregations in 1995 urging congregations and individuals to
contribute to the Pension Plan A Supplement Fund. In 1995, $16,590.35 was
received in response to this program. Each year the response to this program has
increased. These funds were distributed proportionately according to the
pensioners payment. Of the above amount, $15,168.95 was distributed in
1995. At the writing of this report, $2,430.00 has been received for the
Supplement Fund and $3,401.97 has been distributed thus far in 1996. Any
additional funds received for this program will also be distributed proportionately
in 1996. The Board plans on sending out another appeal for funds for this
program this year. Congregations will be receiving a letter explaining this program,
bulletin inserts, and the Board hopes to promote this program through the
Covenanter Witness. Congregations are encouraged to include the Supplement
Program in their annual budgets. The good response to this program is encouraging
and it is hoped that even more congregations, individuals, and groups may become
involved.
Under Plan B, annuities are purchased for individuals as they retire, from which
participants receive monthly checks from the insurance company involved. In
1995 three (3) annuities were purchased for a total of $195,598 and one annuity
has been purchased to date in 1996. As of December 31, 1995 Pension Plan B