Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

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44 MINUTES OF THE 1997 SYNOD OF THE Roulin, 125 Bungalow Terrace, Syracuse, NY 13207-1101. Telephon 428-1519 (H); (315) 448-8304 (O); (315) 448-8424 (Fax); e-mail BRICITY@aol.com. SEVERANCE PAY PROGRAM Presbyteries and ad interim commissions are reminded thatitis 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 Trustees 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. MOVING ALLOWANCE PROGRAM The Pension Trustees have been authorized to pay an allowance toward the Once-ln-A-Lifetime moving allowance, as specified in the statement of this program. The amount that will be paid will be an allowance equal to 50% of the moving expense, up to a maximum pay out of $2,000. Please see the 1991 Minutes of Synod, pp. 25-27 and the 1993 Minutes of Synod, p. 58, for the details of this program. INVESTMENTS The Plan B investments were as follows:: 1995 1996 Common Stock $904,430 $1,462,622 Bonds 1,048,347 1,055,104 Money Market 566,215 255,015 2,518,992 2,772,741 The earnings distributed for Plan B at the end of 1996 was 10%. NEW PENSION PLAN BOOKLET The Board has updated the booklet "Employee' Pension Plan Summary." The new booklet called "Your Pension Plan and Other Benefits," updated as of January 1, 1997, has been mailed to all the participants in the program. Please notice that the new booklet contains information on all the programs and benefits available through the Pension Trustees of Synod. Any participant who has not received a new booklet should contact Lou Hutmire. Copies will also be available at the meeting of Synod. BOARD MEMBERSHIP The Board of Pension Trustees consists of seven (7) members elected by Synod. The membership is divided into three (3) classes. The term of the members in the
REFORMED PRESBYTERIAN CHURCH OF NORTH AMERICA 45 Class of 1997 expire at this meeting of Synod; namely, Brian C. Roulin and A. Wayne Duffield. Brian Roulin is completing his first three (3) year term and is being nominated by the Board. A. Wayne Duffield is completing his second three (3) year term and therefore would not normally be eligible for re-election due to the two term rule of Synod. The Board, however, is requesting an exemption for Wayne Duffield since he has been providing valuable service as secretary of the Board. The Board is nominating Wayne Duffield to serve another three (3) year term. The Board is also suggesting the name of Paul Finley as a third nominee for the ballot. Bruce Lundeen, a member of the Board in the Class of 1998, has moved to Perth, Australia and has submitted a letter of resignation. The Board has appointed Marsha Siebring tofill his unexpired term. RECOMMENDATION 8: That Synod grant an exception for A. Wayne Duffield from the two-term rule, and that Synod elect A. Wayne Duffield and Brian Roulin to a three-year term in the Class of 2000. The Board also suggests the name of Paul Finley as a third nominee for the ballot. RECOMMENDATION 9: That Synod amend Pension Plan "B" as follows: WHEREAS, the Synod last restated The Synod of the Reformed Presbyterian Church of North America Employees' Pension Plan "B", as of January 1, 1989 (hereinafter referred to as the "Plan"); and WHEREAS, the Synod reserved the right in Article VIM of the Plan to amend the Plan; and WHEREAS, the Synod wishes to amend the Plan to make certain changes, a summary of which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED that the Plan is hereby amended to make the changes described in the attached summary, effective as of January 1, 1997, except as otherwise indicated in the summary, subject to review, comment and modification, if necessary, of the specific Plan language by the Pension Trustees at its next regularly scheduled meeting. FURTHER RESOLVED, that copies of the Plan, as amended, and a summary of the Plan, as amended, shall be made available to the Synod at its next annual meeting. FURTHER RESOLVED, that Thomas C. Graves, Attorney-at-Law, Morrison et Hecker, L.L.P. shall be and is hereby authorized to submit an application to the Internal Revenue Service for a determination that the Plan, as amended continues to qualify for favorable tax treatment as a church pension plan under Section 401(a) of the Internal Revenue Code and to represent the Pension Trustees with respect to such application. FURTHER RESOLVED, that the Pension Trustees are authorized to make any further changes that may be required to secure a determination from the Internal Revenue Service, that the Plan, as amended, continues to qualify for favorable tax treatment under Section 401 (a) of the Internal Revenue Code.
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