Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

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46 MINUTES OF THE 1997 SYNOD OF THE SUMMARY OF CHANGES CONTAINED IN AMENDMENT NO. ONE TO THE REFORMED PRESBYTERIAN CHURCH OF NORTH AMERICA EMPLOYEES' PENSION PLAN "B" AS RESTATED EFFECTIVE AS OF JANUARY 1, 1989 (A) Section 1.05, which defines the term "Continuous Service", is amended to (i) clarify that membership in the Reformed Presbyterian Church of North America is a condition of the recognition of continuous service under the Plan and (ii) provide that military service during which a Participant" s reemployment rights are guaranteed by federal law counts as continuous service for both vesting and benefit purposes. (B) Section 1.09, which defines the term "Employee", is amended to clarify that membership in the Reformed Presbyterian Church of North America is a condition for treatment as an eligible employee under the Plan. (C) Section 3.03, which sets forth the Employer Uniform Contributions provision of the Plan, is amended to reflect the $150,000 limit on the compensation that may be recognized by the Plan after December 31, 1993 pursuant to Section 401 (a)(17) of the Internal Revenue Code. (D) Section 3.04, Group Term Life Insurance, is amended to clarify that death benefit payments under decreasing group term life insurance coverage purchased by the Plan shall be paid to the Trust Fund to provide Plan death benefits. (E) Section 3.07, Reemployment after a Military Leave of Absence, is added to comply with the Uniformed Services Employment and Reemployment Rights Act of 1994 by providing for Employer Uniform Contributions during period of military service during which the participant's reemployment rights are guaranteed by federal law and the participant is reemployed in a timely manner after the military service. (F) Section 6.01, Method of Distribution, is amended to provide for the payment of retirement benefits in the form of joint and survivor annuity contracts with term certain or cash refund guarantees. (G) Section 6.02, Election of Method of Distribution, is amended to refer to direct rollovers to individual retirement accounts or another qualified retirement plan. (H) Section 6.03, Time of Distribution, is amended to provide that Plan benefits must commence at age 701/2 or retirement, whichever occurs last, and to allow a participant age 701/2 or older who has not retired to elect to commence distributions at any time. This change is made to bring the Plan into compliance with Section 401(a)(9) of the Internal Revenue Code, as amended by the Small Business Job Protection Act of 1996. (I) Section 6.04, distribution in Cash or Annuities, is amended to clarify that annuity benefits may be paid from the Trust Fund or in the form of the purchase of an annuity contract from a commercial life insurance company.
REFORMED PRESBYTERIAN CHURCH OF NORTH AMERICA 47 (J) Section 6.05, Lump Sum Payments, is amended to allow amounts other payable as a lump sum to be directly rolled over to an individual retirement account or another qualified retirement plan. (K) Seaion 6.06, Death Benefits,is amended to provide the payment of surviving spouse benefits in the form of joint and survivor annuity contracts with term certain or cash refund guarantees. Additionally, this sectionis amended to clarify the annuity benefit that may be paid to children or other contingent beneficiaries after the death of a participant' s spouse (the Plan's automatic primary beneficiary), or after an unmarried participant's death if the participant's benefit was paid in the form of a term certain annuity or a cash refund annuity. Additionally, this section is amended to clarify thatlife insurance proceeds are credited to the deceased Participant's Uniform Contributions Account to partially fund the death benefits provided by the Plan. Finally, this sectionis amended to clarify that death benefits paid to a surviving spouse or non spouse beneficiary (such as children) are paid in an annuity form, unless the surviving spouse or non spouse beneficiary (or guardian of a minor child or children) elects in writing that up to forty percent (40%) of the death benefit be paid in a lump sum (or in the case of a surviving spouse, a direct rollover to an individual retirement account). (L) Seaion 6.09, Direa Rollover Distributions,is added to provide for direct rollovers to individual retirement accounts or another qualified retirement plan. (M) Seaion 9.03, Nonassignability,is amended to provide that benefits may be paid under the Plan to a spouse, former spouse or dependent child or dependent children pursuant to a qualified domestic relations order pursuant to Seaion 414(p) of the Internal Revenue Code and the Treasury Department regulations and rulings thereunder. (N) Seaion 11.01, Voluntary Nondeductible Employee Contributions,is amended to refer to the $150,000 annual limit on compensation that may be recognized by the Plan (by a cross-reference to Section 3.03). (O) Seaion 11.03 is deleted because retroactive voluntary nondeductible contributions could cause the Plan to exceed the annual additions limit in Seaion 415 of the Internal Revenue Code (which is a limitation in this Plan under Plan Seaion 10.01). Respectfully submitted, Don Lamont, Vice Chairman Donald R. McBurney Dean O'Neill Brian Roulin Shane Shoop A. Wayne Duffield, Secretary Godfrey Franklin led in prayer in behalf of Frances McCracken, wife of J. Paul McCracken, who was scheduled for eye surgery in half an hour.
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