Reformed Presbyterian Minutes of Synod 1993

96 1993 MINUTES OF THE SYNOD OF THE8. That Synod approve the request from the Graduate Study Fund Commtee to grant forgivable loans totaling $5,500 from the MisceUaneousFund during 1994.9. That Synod set the minimum contribution rate at $1,600 for theemployer of each participant in Pension Plan B for 1994.10. That Synod set the congregational assessment for the Pension FundCurrent Account at $16 per communicant member for 1994 based onmembership as of December 31,1993, as reportedto the Stated Clerk.11. That $50,000 from the Unrestricted Undesignated Funds be granted tothe Pension Tmstees for the funding of Pension Plan A.Explanation:We are recommending a new approach to funding the Pension Programs.A study prepared for the Pension Trustees in 1992 indicated thata contribution of approximately $50,000 per year for 15 years to Plan Awould maintain the current payments to Plan A participants.Thefundingfor the Pension Programs would come from four sources:1. Employer Contributions to Plan B.2. Congregational assessment.3. Unrestricted Undesignated Funds.4. Gifts designatedfor additional benefits for Plan A participants (Seethe Report of the Pension Trustees page 251).This approach will give the Pension Programs a more stable source offunding.12. That $50,000 from the Unrestricted Undesignated Funds be granteGeneva College in 1994.13. That Synod approve distribution of up to $310,000 from RPM&M in1994 (all of which must come from contributed funds) as follows:AGENCIES REQUESTED RPM&M PERCENTAGEEducation & Publication $ 85,000 $80,000Foreign Mission Board 67,000 50,000Geneva College 20,000 5,000*(Plus $50,000 from MacLaughlin trust income, see #12)Home Mission Board 85,000 65,000Pension Tmstees 45,000 0*(Plus $50,000 from MacLaughlin trust income, see #11)25.8%16.1%1.6%21.0%0%Seminary 90,000 80,00025.8%Woman's Association 20,000 5,0001.6%Miscellaneous Fund 30,000 25,0008.1%TOTALS $402,000 $310,000 100%