Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

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.