Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

40 MINUTES OF THE 1997 SYNOD OF THE
it is necessary to continue to increase this amount by at least $100 per year to
adequately provide for the participants in Pension Plan B. This is at least necessary
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.
RECOMMENDATION 2: That Synod approve and set the minimum
contribution rate of $2,200 by each employer of a participant in Plan B for 1998
(an increase of $100 from 1997).
ASSESSMENTS
The Pension Trustees are recommending that congregational/presbyterial
treasurers forward $16.00 per communicant member (which is the same as last
year), based on their membership as of the 31st day of December, 1997, to the
congregational treasurer's office. This amount is to be paid in quarterly
installments. It will be credited to the Current Account of the Pension Trustees
and used to fund the expenses as shown in the Treasurer's report.
RECOMMENDATION 3: That Synod set the 1998 amount for current
pension program funding at $16.00 per communicant member as of December
31, 1997 (same as last year).
BENEFITS
As of January 1, 1997, 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 1996, $93,398.02
was paid out and it is projected that $89,340.00 will be paid out in 1997.
In light of the present finances of the Board, the Pension Trustees are not able
to recommend an increase for the participants in Plan A for 1998 from current
funds. However, the Pension Trustees have requested $50,000 from the
unrestricted undesignated funds of Synod so that monthly payments may be
increased from $360 to $400 per month for couples and from $300.00 to
$350.00 per month for single persons for the next four years, beginning on July
1, 1997. The projected cost of funding this increase is $47,208. At the end of
this period, the Board expects to be able to pay these amounts by revising its
budget.
In 1996, $7,397.83 was received for the Supplement Fund. This amount was
distributed proportiontely according to the pensioners payment. Couples receiving
a full pension received $588.15 and individuals receiving a full pension received
$294.06 through the Plan A Supplement Fund. As of March 31, 1997, an
additional $675.00 was received for the Supplement Fund. The Board plans to
continue this program and will be making appeals for funding for this program.
Congregations will again be receiving a letter explaining this program along with
bulletin inserts, and the Board plans to promote this program through the
Covenanter Witness. Congregations are encouraged to include the Supplement