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REPORT OF THE PENSION COMMITTEE #010-01-13-11 : General Synod Pension Plan (GSPP) Regulations

http://archives.anglican.ca/en/permalink/official10459
Date
2013 November 14-17
Source
Council of General Synod. Minutes
Record Type
Resolution 18-11-13
Date
2013 November 14-17
Source
Council of General Synod. Minutes
Record Type
Resolution 18-11-13
Mover
Chancellor David Jones
Seconder
Bishop Percy Coffin
Prologue
Ms. Judy Robinson, Executive Director of Pensions, and Mr. Bob Boeckner, Trustee and member of the Pension Committee, presented the report.
Text
1.1 Be it resolved that The Council of General Synod approves the following recommendations of the Pension Committee; and approve the amendments to Regulation 3.1 and 3.2 (Contributions) of Canon VIII effective January 1, 2014 to implement these changes.
- That the member contribution rate to the GSPP increases by 0.5% to 5.3% of salary.
- That the employer contribution rate to the GSPP decreases by 0.5% to 11.9% of salary
- That the employers to contribute 1.3% of pensionable salary to a new expense fund administered by the Pension Office.
Bold indicates addition, Strikethrough indicates deletion [In electronic database, "bolded" text is indicated by brackets and "strikeout" text is indicated by {} brackets.]
Regulation 3.1 – Contributions
- 1. The Contributions required from each Participating Employer shall be as follows for all Members in Active Service:
-- (i) Effective January 1, 2004: 10% of Salary
-- (ii) Effective January 1, 2005: 8.3% of Salary
-- (iii) Effective January 1, 2006: 9.0% of Salary
-- (iv) Effective January 1, 2007: 10% of Salary
-- (v) Effective January 1, 2010: 11.2% of Salary
-- (vi) Effective January 1, 2011: 12.4% of Salary
--
Regulation 3.2 – Contributions
The Pension Contributions required from the Member in Active Service shall be {4.8%} of Salary.
CARRIED #18-11-13
Subjects
Pensions - Anglican Church of Canada - Regulations
Anglican Church of Canada. General Synod. Constitution. Canon VIII
Anglican Church of Canada - Pensions
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