Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

172 MINUTES OF THE 1997 SYNOD OF THE
adequately provide for a young family without the help of Social Security. Person
who opt out of Social Security will need to purchase adequate insurance coverage
to provide for their family to supplement the benefits paid by the Pension Plan.
SECTION 107
The Pension Trustees have designated 100% of the pension received by
ordained elders as a Secion 107 exclusion for appurtenances, housing, utilities,
etc., under the Internal Revenue Code.
As stated in previous reports of the Pension Trustees, the Board is again
recommending to congregations, presbyteries, and boards of the church, that for
teaching elders who are required to file income taxes to the Internal Revenue
Service of the U.S. Department of the Treasury and who are participants in Plan B,
up to 60% of their compensation be set aside as a Section 107 exclusion for
appurtenances, housing, utilities, etc., under Section 107 of the Internal Revenue
Code.
TAX-SHELTERED ACCOUNTS
In 1994 the Pension Trustees adopted the resolution "that the Board authorize
employees to participate in tax sheltered accounts as permitted under Section
403(b) of the Internal Revenue Code" (Pension Trustee Minutes, May 6, 1994,
P. 3).
Persons are eligible for this program if they are an employee of a qualified
employer, as defined by the IRS in Section 501(c)(3), such as a church, a religious
organization, a private school, college or university, or a charitable institution.
Persons are advised to consider this program if they wish to pay less income tax,
need to increase disposable income, are in a dual income family, are currently
investing with after tax dollars, or need to save for retirement.
This program is not part of the Pension Program of the denomination as such,
but is set up as an additional option for participants. Interested persons should
contact Brian L. Roulin, 125 Bungalow Terrace, Syracuse, NY 13207-1101.
Telephone: (315) 479-7339 (H); (315) 448-8304 (O); (315) 441-8765
(Fax).
SEVERANCE PAY PROGRAM
Presbyteries and ad interim commissions are reminded thatit is the policy of the
Pension Board to pay an allowance toward a three (3) month severance
compensation for teaching elders who are participants in the Pension Plan of
Synod. Certain eligibility requirements must be met for teaching elders to qualify
for this program. Provided that one does qualify, as determined by the Pension
Board, funding for this program should be by congregation, presbytery, and the
Pension Trustees in that order. This means that the Pension Tustees will only be
responsible for a maximum of one-third of the total of the three-month severance
pay package. Please see the 1991 Minutes of Synod, pp. 23-25, for the details of
this program.