Report of the Pension Committee - Amendments to Canon VIII - General Synod Pension Plan
https://archives.anglican.ca/link/official6978
- Date
- 1997 May 9-12
- Type
- Resolution 03-05-97
- Mover
- Archdeacon A. Skirving
- Seconder
- Mr. R. Welch
- Prologue
- Archdeacon Archie Skirving presented the report and expressed appreciation to the Director of Pensions, Mrs. Jenny Mason.
- Text of motion
- That the Council of General Synod approve the following amendments to Regulations 2.5(a), 5.3, 9.9, 13.3 and 14.2 of the General Synod Pension Plan (Canon VIII).
- Regulation 2 - Eligibility and Membership
- 5.(a) A Member who is transferred to employment by an employer other than a Participating Employer and who is not a member of a Pension Plan sponsored by that employer may, with the consent of the Trustees, continue membership in this Plan provided that the Member and the employer make Contributions to this Plan pursuant to Regulation 3, and, for purposes of the Member's period of member-ship in relation to such employment, the employer shall be a Participating Employer.
- Regulation 5 - Retirement Benefit
- 3. The amount of annual Pension payable on deferred retirement pursuant to Regulation 4.3 shall be the amount determined in accordance with section 1 of this Regulation, except that the portion of the Pension which was accrued prior to the Member's Normal Retirement Date shall be increased by one half of one percent for each complete month by which the actual date of retirement is later than the Member's Normal Retirement Date, provided that such increase shall not result in an amount of Pension in respect of service prior to the Member's Normal Retirement Date which exceeds the amount that is actuarially equivalent to the pension accrued to the member's Normal Retirement Date.
- Regulation 9 - Children's Allowance
- 9. The amount of allowance paid to any Child shall not exceed:
- a) in the case of the Child of a deceased Member who was in receipt of Pension, 66 2/3% of the amount payable to the deceased Member immediately prior to death; or
- b) in the case of the Child of a deceased Member in Active Service, 66 2/3% of the amount determined pursuant to Regulation 9.8(a); or
- c) in the case of the Child of a deceased inactive Member, 66 2.3% of the amount determined pursuant to Regulation 9.8(a)(l).
- Regulation 13 - Leave of Absence
- 3. Subject to the payment of Contributions in accordance with Regulation 3, a Member's Salary during an unpaid leave of absence, or during a leave of absence with reduced pay, shall be deemed for all purposes of the Plan to be the amount determined by the Member's employer. Such deemed Salary shall not be less than the amount specified in Regulation 1.11(d) and shall not exceed the Member's Salary in effect immediately prior to the commencement of the leave of absence. Such deemed Salary shall continue for a period not exceeding thirty-six months in respect of any leave of absence, provided that the total period for which Salary shall be deemed to have continued for all leaves of absence for any Member shall not exceed sixty months.
- Regulation 14 - Retirement Savings Fund
- 2. The additional contributions shall be allocated to an account maintained on behalf of the member and shall be credited at least annually with an interest as determined by the Trustees. CARRIED #03-05-97
- Subjects
- Pensions - Anglican Church of Canada
- Anglican Church of Canada. General Synod. Constitution. Canon VIII