The diocesan council of New Westminster has offered to provide payroll services to clergy of four dissenting parishes in the diocese to enable them to remain in the Anglican Church of Canada's pension and benefits plan.
THAT the Pensions Committee, after the next valuation of the Pension Fund due at the end of 1973, assuming a surplus is available, give first consideration to increasing, as of January 1, 1974, the pensions of those widows whose income appears to be inadequate.
That the report of the Pension Board, together with the Auditors' Report and financial statements, be adopted.
Moved in amendment by Dr. J.C. Flanagan, seconded by the Bishop of Ontario, That in view of the impact of moves being made by governments in the realm of pensions and in view of the statement presented by the Bishops on Mutual Responsibility and Interdependence in the Body of Christ, Be It Resolved that the Executive Council ask the Primate to set up a committee to examine our position on Pension Funds in light of the spirit emanating from the Anglican Congress. LOST
The original motion was put and CARRIED.
Notes
Mr. Orde then reported on the inauguration and operation of the Group Life Insurance Plan for Clergy, as directed by the 1962 session of General Synod.
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
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Regulation 3.2 – Contributions
The Pension Contributions required from the Member in Active Service shall be {4.8%} of Salary.