Reformed Presbyterian Minutes of Synod 1995 - Rparchives.org

46 MINUTES OF THE SYNOD OF THEThis program is not part of the Pension Program of the denomination assuch, butis being set up as an additional option for participants. Interestedpersons should contact Brian L. Roulin, 125 Bungalow Terrace, Syracuse, NY13207-1101. Telephone: (315) 479-7339 (H); (315) 448-8352 (O);(315) 441-6024 (Fax).SEVERANCE PAY PROGRAMPresbyteries and ad interim commissions are reminded thatitis the policyof the Pension Board to pay an allowance toward a three (3) monthseverance compensation for teaching elders who are participants in thePension Plan of Synod. Certain eligibility requirements must be met forteaching elders to qualify for this program. Provided that one does qualify,as determined by the Pension Board, funding for this program should be bycongregation, presbytery and the Pension Trustees in that order. This meansthat the Pension Trustees will only be responsible for a maximum of one-thirdof the total of the three-month severance pay package. Please see the 1991Minutes of Synod, pp. 23-25, for the details of this program.MOVING ALLOWANCE PROGRAMThe Pension Trustees have been authorized to pay an allowance towardthe Once-in-a-lifetime moving allowance as specified in the statement of thisprogram. The amount that will be paid will be an allowance equal to 50% ofthe moving expense, up to a maximum pay out of $2,000. Please see the1991 Minutes of Synod, pp. 25-27 and the 1993 Minutes of Synod, p. 58,for the details of this program.INVESTMENTSThe Plan B investments as of December 31st, 1994, are as follows:1993 1994Common stock $ 715,757 $ 712,533U.S. Gov't Obligations 988,526 821,836Bank Money Market 98,179 152,531Non Gov't Obligations 403,790 365,675$ 2,206,252 $2,052,575The 1994 ending balance is less than the 1993 ending balance due tothe purchase of annuities for certain newly-retired persons.The earnings distributed for Plan B at the end of 1994 was .0005%.Although thisis not much of a gain,itis a competitive figure consideringwhat investments did in 1994.The Board is in the process of considering changing the investment advisorand custodian of pension funds. There seems to be too much invested inbonds and not enough in stocks, which at least in part, explains why therewas not a greater rate of return in 1994. The Board is, therefore, seeking toreviseits investment policies as stated in the "Reformed Presbyterian Churchof North America Pension Trust Statement of Investment Policies and ReturnObjectives," (Pensiun Plan, Exhibit D, pp. 259ff.). The Board is proposingthat the maximum common stock investment of the market value of theaccount be changed from 50% to 70%.