Reformed Presbyterian Minutes of Synod 1995 - Rparchives.org

REFORMED PRESBYTERIAN CHURCHUlExpendable Funds Annuity and CustodianDeferred Life Income Funds Funds -Restricted Payables Deferred PayablesDeductions:Funds expended (14,884) (11,980) (122,466) (84,430)Transfer to unrestricteddesignated(15,073) -_ ;Balances at December 31,1993 26,070 313,313 1,239,003 1,831,396Additions:Investment income $ 7,880 $ 18,295 $116,988 $84,948Net gains on investmenttransactions 31 290 1,912 2,636Contributions 20,193 16,134Transfer 5,000Deductions:Funds expended (5,345) (18,768) (120,107) (121,112)Transfer (500) : (5,000) :Balances at December 31,1994 $ 28,136 $338,323 $1,232,796 $1,814,002NOTE 6 - PENSION PLANSThere are two pension plans (Plan "A" and Plan "B") which were adoptedeffective January I, 1974 and together cover all ministers, missionaries andemployees of the Synod. The provisions of Plan "B" were restated effectiveJanuary 1, 1984 and January 1, 1989.Plan "A" Plan "A" is a noncontributory defined benefit plan and coversbasically ministers, missionaries and employees of the Synod who were age 55 orover on January 1, 1974, the date of adoption of the plan. The normalretirement benefit for 1994 was $300 per month for single employees and $360for married employees. A monthly benefit of $300 is continued to the survivor.A minimum of 30 years of service is required to be eligible for the full normalretirement benefit. Total pension expense for the years ended December 1994and 1993 was $105,120 and $111,225, respectively. This plan is selfadministeredand pension benefits, which are charged to pension expense, aresubstantially all paid from ordinary investment income, proceeds of sales of certaininvestments or funds transferred from the Pension Board.Current comprehensive actuarial reports and valuations are not available for Plan"A". Accordingly, the information necessary to provide the disclosures requiredby Statements of Financial Accounting Standards 87 and 88 has not beendetermined. Under Plan "A", the Trustees charge pension benefits to expense asincurred and credit investment income and net gain on investment transactions torevenue. Generally accepted accounting principles require that pension expensebe determined using an acceptable actuarial cost method. Plan "A" wassubstantially curtailed as of December 31, 1994 and 1993, as there were noparticipants still actively employed by the Trustees and, as such, use of anacceptable actuarial cost method would have resulted in insignificant expenses for