Skip header and navigation

Refine By

2 records – page 1 of 1.

PENSION COMMITTEE #010-06-19-03 - Canon IX – Lay Retirement Plan

http://archives.anglican.ca/en/permalink/official10694
Date
2019 March 14-17
Source
Council of General Synod. Minutes
Record Type
Resolution 017-03-19
Date
2019 March 14-17
Source
Council of General Synod. Minutes
Record Type
Resolution 017-03-19
Mover
Canon David Jones
Seconder
Mrs. Shara Golden
Prologue
The Pension Committee is requesting that the Council of General Synod adopt the amendments to Canon VIII and Canon IX. These amendments will be shared with the House of Bishops (HoB) at their upcoming meeting. As well, there will be a communication rollout to all members in mailings scheduled for June and July. These amendments will not affect individuals who are already retired or in the GSPP.
Text
Be it resolved: that The Council of General Synod approve the recommendation of the Pension Committee to make the following amendments to Section 4 of Canon IX, effective August 1, 2019. ADOPTED #CoGS 017-03-19
Notes
See Appendix B for resolution details.
[Page 33]
Appendix B REPORT OF THE PENSION COMMITTEE (010-06-19-03) RESOLUTION FOR CANON IX – LAY RETIREMENT PLAN Moved by: Canon David Jones Seconded by: Mrs. Shara Golden Be it resolved that The Council of General Synod approve the recommendation of the Pension Committee to make the following amendments to Section 4 of Canon IX, effective August 1, 2019. (Bold indicates addition, Strikethrough indicates deletion) [In electronic database, "bolded" text is indicated by > brackets and "strikeout" text is indicated by {} brackets.] text is new and {strikeout} is removed A new Section 4 is inserted as follows: Rationale: To allow for termination of the Lay Retirement Plan at a future date if a successor plan is put in place for the members. ADOPTED #CoGS 017-03-19
Subjects
Pensions - Anglican Church of Canada
Pensions - Anglican Church of Canada - Regulations
Anglican Church of Canada. General Synod. Constitution. Canon IX
Less detail

PENSION COMMITTEE #010-06-19-03 - General Synod Pension Plan – Canon VIII

http://archives.anglican.ca/en/permalink/official10693
Date
2019 March 14-17
Source
Council of General Synod. Minutes
Record Type
Resolution 016-03-19
Date
2019 March 14-17
Source
Council of General Synod. Minutes
Record Type
Resolution 016-03-19
Mover
The Rev. David Burrows
Seconder
Mrs. Shara Golden
Prologue
The Pension Committee is requesting that the Council of General Synod adopt the amendments to Canon VIII and Canon IX. These amendments will be shared with the House of Bishops (HoB) at their upcoming meeting. As well, there will be a communication rollout to all members in mailings scheduled for June and July. These amendments will not affect individuals who are already retired or in the GSPP.
Text
Be it resolved: that The Council of General Synod approve the recommendation of the Pension Committee to make the following amendments to Sections 1, 2, 4, 5, 6 and 11 of Canon VIII, effective August 1, 2019. ADOPTED #CoGS 016-03-19
Notes
See Appendix A for resolution details.
Mr. Bob Boeckner, a member of the Pension Committee, presented a report to the Council, which included motions for resolution from the Pension Committee. The Trustees have established an Expansion Committee. The goal is to enable the General Synod Pension Plan (GSPP) to open its doors to Lay Retirement Plan (LRP) members and potential new employers, and build an even stronger plan for the future. The proposed solutions are to: f) Allow for termination of the Lay Retirement Plan at a future date if a successor plan is put in place for the members. g) Expand the GSPP employer base by offering our plan to other not-for-profit employers. The Pension Committee is proposing amendments to two pension canons, specifically: h) Canon VIII, General Synod Pension and Benefits Plans and (GSPP) i) Canon IX, Lay Retirement Plan (LRP)
Appendix A
[Page 32]
REPORT OF THE PENSION COMMITTEE (010-06-19-03) RESOLUTION FOR THE GENERAL SYNOD PENSION PLAN – CANON VIII Moved by: The Rev. David Burrows Seconded by: Mrs. Shara Golden Be it resolved that The Council of General Synod approve the recommendation of the Pension Committee to make the following amendments to Sections 1, 2, 4, 5, 6 and 11 of Canon VIII, effective August 1, 2019. (Bold indicates addition, Strikethrough indicates deletion) [In electronic database, "bolded" text is indicated by > brackets and "strikeout" text is indicated by {} brackets.] Section 1.b) xii) of the Canon is amended to read as follows: xii) “ Member” means any person who has become a Member of the Pension Plan {and/or the Long Term Disability Plan} in accordance with the Pension Regulations {and the Long Term Disability Regulations} and who has an entitlement to, or is in receipt of, a benefit from such Plans; Section 1.b) xiii) of the Canon is inserted and the remaining definitions forming Section 1 are renumbered accordingly: Section 1.b) xvi) of the Canon is amended to read as follows: xvi) “Participating Employer” means the General Synod, any Provincial or Diocesan Synod, Parish or organization admitted to participation in the Plans pursuant to section 4. c) of this Canon; Section 1.b) xviii) of the Canon is amended to read as follows: xviii) “Pension Fund” means the fund described in section 2. cb) of this Canon; Section 1.b) xxii) of the Canon is amended to read as follows: xxii) “Trustees” means the Board of Trustees established pursuant to section 5 of this Canon (or section 18, if applicable) and “Trustee” means a member of the Board of Trustees. Section 2.a) of the Canon is amended to read as follows: 2. a) The Pension Plan {and the Long Term Disability Plan are} is established to provide income in the form of pensions and ancillary benefits to the Members who have retired {or who are unable to work by reason of disability.} Section 2.b) of the Canon is inserted and the remaining subsections forming Section 2 are renumbered accordingly: Section 2.e) of the Canon is amended to read as follows: e) There shall be a fund or funds established in conjunction with the Long Term Disability Plan under a one or more written trust agreements in Canada, which funds shall collectively be designated as the “Long Term Disability Fund of The Anglican Church of Canada”, for the purpose of providing benefits in accordance with this Canon and the Long Term Disability Regulations. Section 4.c) of the Canon is amended to read as follows: c) , t{T}o accept and admit as a Participating Employer, {the General Synod, any Provincial or Diocesan Synod, any Diocese, Parish or other organization in the Church that is eligible to participate} in the Pension Plan, Long Term Disability Plan, or the Other Plans on mutually agreeable terms and subject to this Canon and the Pension and Long Term Disability Regulations. If the Pension Committee is not able to determine or has a concern with respect to the eligibility of an organization to participate or continue participating in the Pension Plan, the Long Term Disability Plan, or any of the Other Plans, the Pension Committee shall refer the issue to the Council of the General Synod for determination. The Pension Committee shall admit or terminate, as applicable, the organization as a Participating Employer, in accordance with the decision of the Council of the General Synod. Where a Participating Employer is terminated by the Pension Committee, the Pension Committee shall determine the terms and conditions applicable (if any) with respect to the termination and withdrawal of the organization as a Participating Employer, subject to the Canons, {the PBA} and any {other} applicable law; Section 5.a) of the Canon is amended to read as follows: a) The Board of Trustees shall consist of not less than six and not more than nine persons,{who shall be individuals resident in Canada., provided that at least half of the} Trustees are as representatives of the Members,{. These representatives} are not required to be Members or . Rationale: To allow new groups outside of the Anglican communion to join the GSPP and to separate the Pension and LTD benefits such that the LTD benefit it is not necessarily available to such outside groups. Section 6.e) of the Canon is inserted and the remaining subsections forming Section 6 are renumbered accordingly: Section 6.f) of the Canon is amended to read as follows: f) To negotiate, maintain, revise and review pension agreements with Dioceses and any other {employers which are not Participating E}employers on mutually agreeable terms subject to this Canon and the Pension Regulations; Section 6.g) v) of the Canon is amended to read as follows: v) The Trustees may not lend any portion of the Pension Fund to any Member or to any contributor to the Pension Plan. Rationale: To clarify the role of the Trustees in reviewing and recommending potential participating employers and to negotiate, maintain, revise and review pension agreements for current participating employers. Section 11 of the Canon is amended to read as follows: 11. No part of the Pension Fund, other than such part as is required to pay taxes, fees, administration costs, and other reasonable expenses, shall be used or diverted to purposes other than for the exclusive benefit of the Members, their beneficiaries or estates. Rationale: For consistency with amendments to Section 1. ADOPTED #CoGS 016-03-19
Subjects
Pensions - Anglican Church of Canada
Pensions - Anglican Church of Canada - Regulations
Anglican Church of Canada. General Synod. Constitution. Canon VIII
Less detail