Pension Committee
http://archives.anglican.ca/en/permalink/official894
- Date
- 1987 May 13-15
- Source
- National Executive Council. Minutes
- Record Type
- Resolution 14-05-87
- Date
- 1987 May 13-15
- Record Type
- Resolution 14-05-87
- Mover
- Rt. Rev. W.H. Jones
- Seconder
- Mr. E.H. Fisher
- Text
- That this National Executive Council approves the recommended changes to regulations 2, 5, 13, 18, 20, 25. CARRIED #14-05-87
- Regulation 2.4 now reads: The Board of Trustees shall be the Administrator of the Plan.
- Regulation 5.1 now reads: Each employee of a member synod and of the General Synod shall be a member of the Plan and subject to the provisions of the Canon and regulations.
- Any lay person employed in a parish may be a member of this plan provided the diocesan office is prepared in its annual report to indicate that the person is employed by the Anglican Church of Canada in the diocese and further that the diocesan office will collect the assessments from the parish and remit them to the pension office in the usual manner.
- Regulation 5.2(b) now reads: Provided that the cash remuneration from the Church does not exceed 35% of the Y.M.P.E., no person may be a contributing member of this plan while continuing to be an active member of the registered pension plan of an employer other than the Anglican Church of Canada or one of its member dioceses.
- Regulation 5.4(a) now reads: If a member of the Plan becomes divorced before retirement or should the Plan be required to pay a benefit under the terms of a domestic contract, the Plan shall pay that portion of the member's benefit to the member's spouse, former spouse or any other person in accordance with the decision of a court of law, a domestic contract or pension benefits legislation, as outlined in Regulation 25.5. If such payment is an additional cost to the Plan then the member's benefit will be reduced accordingly.
- Regulation 13.7(c) now reads: A member whose account is frozen under Section 6 above and who is on leave of absence and whose benefit is not "locked in" by the "locking in" requirements of the Plan shall not be entitled to receive a cash payment until the member's account had been frozen for a period of twenty-four months.
- After the twenty-four month period, a member whose monthly accumulation is less than 2% of the current Y.M.P.E. (Yearly Maximum Pensionable Earnings as established for the purposes of the Canada Pension Plan), shall receive a cash payment equal to three-thirteenths of the assessments received from the member, or on the member's behalf, plus interest up to the date of withdrawal (less income tax withholdings) in which event the member shall forfeit all claims for other benefits under the Plan.
- Regulation 18.3(a) and 18.3(b) now reads:
- a) If a member chooses not to retire at the normal retirement age the assessments shall continue and the member shall accrue a benefit calculated in accordance with regulation 12 or in accordance with section 2(b) of this regulation, whichever is the greater.
- b) When such a member does apply for the retirement benefit, if the assessments received after the normal retirement age were held in the General Synod money purchase Pension Plan and used for the purchase of additional benefits at the time of retirement in accordance with Regulations 14 and 23, there shall be added to the accrued pension benefit, at normal retirement age, six-tenths of one percent for each full month that the application is deferred beyond the first day of the month following the member's normal retirement date.
- Regulation 18.4(b) now reads: The cost of the pension payable on early retirement shall be restricted to the maximum value stipulated in paragraph 21 of Revenue Canada's Information Circular 72-13R7 or subsequent revisions thereof.
- Regulation 20 now reads: 1. "Eligible child" means a person who is the natural or legal child of a contributing member and who
- a) is less than 18 years of age,
- b) is 18 or more years of age but less than 25 years of age, and is in full-time attendance at a school or university, or
- c) is a child other than a child described in section (b), is 18 or more years of age but less than 25 years of age and is disabled, having been continuously disabled since the time he reached the age of 18, or the member died, whichever is later.
- 2. A member who is in receipt of a benefit shall receive an allowance of $60.00 per month on behalf of each child, who is eligible in accordance with section 1 above, except that the amount payable shall be reduced in accordance with regulation 11.5(c), if the member's equity was frozen at the time the contingency arose.
- 3. Prior to attaining age 18 an application must be made to the Pension Office on Pension Office forms in order to determine if the child remains eligible under section 1(b) above. Failure on the part of the child to comply with such requirements will result in the payment of the allowance being suspended until all requirements have been met.
- 4. If the member had elected to retire early under the provisions of Regulation 18.4, the children's benefit shall also be reduced in accordance with Regulation 18.4.
- 5. If a member of the Plan becomes divorced, any children at the time of the divorce eligible for benefits shall continue to be eligible under the terms of this regulation.
- 6.a) A spouse in receipt of a survivor's benefit shall receive an allowance of $120.00 per month on behalf of each child, who is eligible in accordance with section 1 above, except that the amount payable shall be reduced in accordance with Regulation 11.5(a), if the member's equity was frozen at the time the contingency arose.
- b) On the child attaining age 18, the allowance shall be reduced to $100.00 per month and may be paid directly to the child providing the requirements of section 3 are met.
- 7. In the event of the death of both parents to an eligible child the Pension Committee shall determine how much, if any, of the benefit otherwise provided for, in addition to the children's allowance, shall be paid to the person acting as guardian of such child as along as such child remains eligible for allowance.
- Regulation 25.16 now reads: The term "`locking in' requirements" when used in these regulations shall always mean that date when a member has accumulated two years of participation in the Plan. Locked in benefits shall not be available as a cash withdrawal in any form if employment is terminated. CARRIED #14-05-87
- Subjects
- Anglican Church of Canada. General Synod. Constitution. Canon VIII
- Pensions - Anglican Church of Canada - Regulations
- Anglican Church of Canada - Employees