Reformed Presbyterian Minutes of Synod 1993

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110 1993 MINUTES OF THE SYNOD OF THESWARTZ. IZENSON 9 ASSOCIATES,.Trustees of the Synod of the ReformedPresbyterian Church of North AmericaNOTES TO FINANCIAL STATEMENTS (CONTINUED)NOTE 5 - CHANGES IN DEFERRED RESTRICTED AMOUNTS AND IN PAYABLE TO DENOMINATION-RELATED ORGANIZATIONSBalances at January1, 1991Additions:Investment incomeNet gains on investmenttransactionsContributionsDeductions:Funds expendedTransfer tounrestricted -designatedExpendableFundsDeferredRestricted$ 28,1757,6611,621-( 8,272)-Annuity andLife Income FundsPayables Deferred$ 201,5615,51515,15510,000( 5,675)$ 1,118,168115,097100,0165,000( 115,953)CustodianFunds -Payables$ 1,127,69672,173118,60910,923( 59,139!-Balances atDecember 31, 199129,191226,5891,222,6281,600,262Additions:Investment incomeNet gains on investmenttransactionsContributions7,96327161,2759,5152,56015,000120,02616,895-75,15320,566216,550Deductions:Funds expendedTransfer tounrestricted -designated( 5,156)( 15.610)( 9,372)( 118,887)( 77.371!-Balances atDecember 31, 1992$ 17,937$ 271,322$ 1,210,662$ 1,835,160
REFORMED PRESBYTERIAN CHURCH 111SWAHTZ. IZENSON « ASSOCIATES, „•Trustees of the Synod of the ReformedPresbyterian Church of North AmericaNOTES TO FINANCIAL STATEMENTS (CONTINUED)NOTE 6 - PENSION PLANSThere are two pension plans (Plan "A" and Plan "B") whioh were adopted effectiveJanuary 1, 1971 and together cover all ministers, missionaries andemployees of the Synod. The provisions of Plan "B" were restated effectiveJanuary 1, 1981 and January 1, 1989.Plan "A* - Plan "A" is a non-oontributory defined benefit plan and coversbasically ministers, missionaries and employees of the Synod who were age 55and over on January 1, 1971, the date of adoption of the plan. The normalretirement benefit for 1992 was $290 per month for single employees and$310 for married employees. A monthly benefit of $290 is continued tothe survivor. A minimum of 30 years of service is required to be eligiblefor the full normal retirement benefit. Total pension expense for the yearsended December 1992 and 1991 was $108,066 and $101,701, respectively. Thisplan is self-administered and pension benefits, which are charged to pensionexpense, are substantially all paid from ordinary investment income, proceedsof sales of certain investments or funds transferred from the Pension Board.Current comprehensive actuarial reports and valuations are not available forPlan *A". Accordingly, the Information necessary to provide the disclosuresrequired by Statements of Finanolal Aooountlng Standards 87 and 88 has notbeen determined. Under Plan "A", the Trustees charge pension benefits toexpense as incurred and credit investment income and net gain on investmenttransactions to revenue. Generally accepted accounting principles requirethat pension expense be determined using an acceptable actuarial cost method.Plan "A" was substantially curtailed as of December 31, 1992 and 1991 as onlyone participant is still actively employed by the Trustees and, as such, useof an acceptable actuarial cost method would have resulted in insignificantexpenses for the years then ended. Use of actuarially determined costs as ofthe most recent valuation (January 1, 1987) for Plan "A" would have resultedin an Increase in pension liability and a deorease in the unrestricted-designatedfund balance of approximately $225,000. Investments with a cost ofapproximately $215,000 and market value of approximately $219,000 at December31, 1992, Included ln the financial statements of the Trustees, areavailable to satisfy a portion of the Plan "A" pension liability. A 9>assumed rate of return was used in determining the present value of accumulatedvested benefits. There are no nonvested accumulated benefits.plan "B" - Plan "B" is a defined contribution plan and oovers substantiallyall ministers, missionaries and employees of the Synod who are not coveredunder Plan "A". Total pension expense for the years ended December 31, 1992and 1991 was $131,216 and $101,915, respectively, which includes amortizationof past service cost over an average period of approximately 25 years, and Ierecorded under unrestricted-designated. The Trustees' polioy is to fundpension costs accrued. Plan "B" is administered and the funds are investedby the Pension Trustees of the Synod of the Reformed Presbyterian Church ofNorth 1992 Is America. less than The the estimated amount of amount the net of assets vested benefits of Plan "B". as of December 31,
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DIRECTORYOF THER E F O R M E D PRES
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Totak.Allantk64.82924,0003123598433
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STATISTICAL REPORT. FINANCESr31,199
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Total Balance Other Pastor'sDisb. 1
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REFORMED PRESBYTERIAN CHURCH 247BBe
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Reformed Presbyterian Minutes of Synod 1993

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