Reformed Presbyterian Minutes of Synod 1995 - Rparchives.org

42 MINUTES OF THE SYNOD OF THEcongregations to pay this amount. However, the Board believes that theincreases proposed by the Board are necessary to adequately provide for theparticipants in Pension Plan B. The rationale for the above is as follows: 1)The goal of 12% of compensation, as set forth a number of years ago in the"Report on the Upgrading of Plan B," will nearly be achieved in 1996, 2) forthe present the Board is recommending an increase in 1997 to $2,100 inrecognition of the increased cost of living, 3) the Pension Board will be reevaluatingthe appropriateness of the current funding levels to determine ifthese levels meet the objectives of the program, and 4) the Board recognizesthat pension needs vary according to geographical area.RECOMMENDATION 3: That Synod approve and set the minimumcontribution rate of $2000 by each employer of a participant of Plan B for1996 (an increase of $200 from 1995) and $2100 for 1997.ASSESSMENTSThe Trustees are recommending that congregational/presbyterytreasurers forward $16 per communicant member (which is the same as lastyear), based on their communicant membership as of the 31st day ofDecember, 1995, to the denominational treasurer's office. The sameamount applies to 1996. This amount is to be paid in quarterly installments.These amounts are received into the Current Account of the PensionTrustees and used to fund the expenses as shown in the Treasurer's Report.RECOMMENDATION 4: That Synod set the 1996 pension assessmentfor current pension program funding at $16.00 per communicant member asof December 31, 1995, and that the same pension assessment be set for1996.BENEFITSAs of January 1, 1995, pensions for Plan A participants (those over 54years of age on January 1, 1974) are being paid to fourteen (14) couplesand thirteen (13) individuals. Couples receiving a full pension are receiving$360.00 per month and individuals are receiving $300.00 per month. In1994, $105,120 was paid out and it is estimated that $104,820 will bepaid in 1995.Given the current financial situation, the Pension Trustees are reluctantlynot recommending an increase for the participants in Plan A for 1996.However, the Board is continuing the Plan A Supplement Program, which isproviding some additional funds for Plan A participants. A bulletin insert,"You Can Make the Difference," was sent out to all the congregations inDecember, 1994, urging congregations and individuals to contribute to thePension Plan A Supplement Fund. In 1994, $12,069 was received inresponse to this program. This amount was distributed proportionatelyaccording to the pensioners payment. As of March 31, 1995, an additional$1,820 was received for the Supplement Fund. These funds and anyadditional amounts received for this program will also be distributedproportionately in 1995. The Board plans on sending out two additionalappeals for this program this year. Congregations will be receiving a letterexplaining this program, bulletin inserts, and the Board hopes to promote this