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Lay Retirement Fund

https://archives.anglican.ca/link/official3201
Source
General Synod. Minutes
Date
1955 August/September
More detail
Date
1955 August/September
Source
General Synod. Minutes
Type
Resolution
Mover
Mr. E.T.C. Orde
Seconder
Bishop of Montreal
Text of motion
That Canon XIV (Handbook, p.113) be repealed, and the following enacted in its place:
LAY RETIREMENT FUND
1. Definitions
In this Canon
(a) "Fund" means "The Lay Retirement Fund of the Anglican Church of Canada."
(b) "Board" means the Pension Board set up under the provisions of Canon VIII (Department of Pensions).
(c) "Lay Worker" means any person not in Holy Orders, employed by the General Synod, a Provincial or Diocesan Synod of The Anglican Church of Canada, or any department or board thereof, or by any institution as defined herein, parish or parochial corporation, and as such in receipt of a salary, wages, or other remuneration, and includes a deaconess of the Church employed as such.
(d) "Institution" includes a college, school, hospital, home, orphanage, deaconess house, training school, refuge, mission ship, motor van, parochial corporation or vestry whether incorporated or not, conducted or maintained in whole or jointly with other Christian Churches, or in which the Church or any diocese has any interest or share in the management or government thereof.
(e) "Employer" means Diocese, Synod, Department, Board or Institution employing any lay worker.
(f) "Salary" means the full regular income received by a lay worker as defined in this Section.
(g) "Member" means a lay worker who has made application and has been accepted into the fund.
2. The Fund
(1) There shall be a Fund to be designated "The Lay Retirement Fund of the Anglican Church of Canada" for the purpose of providing annuities for lay workers, in accordance with this Canon or any amendments thereof.
(2) The Fund shall consist of:
(a) All moneys now or at any time hereafter held by the General Synod for the purpose of providing pensions or annuities for lay workers as herein defined;
(b) All moneys given, bequethed to, or received by the General Synod or Pension Board and designated for such purpose;
(c) Moneys received from a Diocese, Department, Board, Institution or Parochial Corporation in connection with any obligation assumed on their behalf;
(d) The annual contributions received from or assessed upon the employer of any lay worker and upon such lay worker.
(3) The Fund shall be invested in the Consolidated Trust Fund, as defined in Canon IX.
(4) The Board of Finance shall furnish the Pension Board with half-yearly statements of the Fund.
3. Administration
(1) The Board established under the Canon relating to the Pension Fund of the Anglican Church of Canada (Canon VIII) and herein referred to as the Board, shall administer the Lay Retirement Fund and carry out the provisions of this Canon.
(2) The Board in respect of this Canon and the Lay Retirement Fund shall have power and authority:
(a) To receive the annual contributions or assessments made upon the salaries of lay workers under this Canon;
(b) To keep a detailed record of all persons who are or may become eligible for benefits under this Canon;
(c) To make such regulations as it may deem necessary for the proper administration of the Fund; all such regulations to be reported to the General Synod at the session thereof next following their adoption and be subject to review and amendment by the Synod, or the Executive Council;
(d) To determine all questions of eligibility and receive and pass upon all applications for annuities or other benefits under this Canon;
(e) To have charge in general of the administration of the Fund;
(f) To appoint such officers as the Board may deem necessary;
(3) The Board shall make an annual report to the Executive Council, except in the year that the General Synod may meet, when a report covering the period since the last General Synod shall be made to the Synod.
4. Membership in the Fund
The following shall be eligible for membership in the Fund:
(a) Future lay workers in a department of General Synod, having attained the age of twenty-five, and upon completing six months continuous employment must become members.
In special cases, upon written request of the employer and employee, and upon approval of the Pension Board, waiting periods, ages, and membership may be waived.
(b) Present lay workers in a department of General Synod may continue under such terms of employment, participation or otherwise in existing retirement funds as they presently exist. If desired, a present lay worker will be accepted into membership in the Fund, on such basis as is mutually acceptable to their present employer, the lay worker, and the Pension Board.
(c) Other lay workers as defined herein upon application by the lay worker, the employer, and approval of the Pension Board.
(d) Each lay worker shall furnish in a form satisfactory to the Pension Board, such data, name of beneficiary, and address, as may be required on becoming members of the Fund.
5. Contributions to the Fund
(1) Each member or applicant shall agree to contribute to the Fund a sum equal to five per cent of his salary in monthly or quarterly payments.
The employer, by whom the salary of such lay worker is paid, shall undertake to pay to the Pension Board this amount out of the salary of the lay worker, and a further equal sum is to be contributed and paid to the Pension Board by the employer.
(2) A member may contribute an amount in excess of five percent of salary into the Fund, up to the limit allowed by the Dominion Income Tax Act, but the employer's contributions shall not exceed five percent of such member's salary.
6. Benefits
(1) The normal retirement date will be the first of the month following the attainment of age sixty-five in the case of a male lay worker, or age sixty in the case of a female lay worker.
If the employer extends the lay worker's period of employment beyond that date, then the lay worker's and employer's contributions shall continue to be paid into the Fund as theretofore during the extended period.
(2) The employer's contributions shall vest in the lay worker as follows:
If membership in the plan is less than five years - no vesting.
After five years - twenty-five percent of employer's contributions. Increasing by five percent for each year thereafter until fully vested.
In any event full vesting will take place on the normal retirement date, and upon permanent disability of the lay worker.
If a lay worker has no break in employment in the service of "The Church of England in Canada," but changes employer, there shall be no change in status insofar as number of years of membership in the Fund. Former employer's contributions on behalf of that member will remain in the fund until ultimate vesting is determined. If before normal retirement a lay worker who has had a change of employer, severs employment with the Church, then any non-vested employer contributions, on the basis of years and amounts of contributions to the percentage vested, will be returned to the former employer concerned.
(3) On the normal retirement date, or later if extended employment has taken place, the Pension Board shall apply the total employer's contributions and the lay worker's contributions, with interest, to purchase an immediate life annuity in favour of the lay worker.
This annuity to be purchased from the Government Annuity Branch, but at the request of the lay worker, and with the Pension Board's approval, an alternative form of annuity may be purchased, either from the Government or a licensed Life Insurance Company in lieu of a life annuity.
(4) Upon the Pension Board being furnished with acceptable proof of a permanent disability, necessitating a severance of employment of the lay worker, the Pension Board is empowered to take the total contributions of the employer and lay worker, and purchase an immediate life annuity, or such other form of annuity as is permitted under the preceding subsection (3). If necessary and the Pension Board approves, the total of employer's and lay worker's contributions may be paid in cash to the lay worker in lieu of an annuity.
(5) In the event of the death of a member in the fund, such member's contributions and vested employer's contributions shall be paid to the beneficiary of that member.
(6) If for any reason, voluntary or involuntary, other than by death, retirement, or disability, a lay worker's employment is terminated, the lay worker may:
(a) Have a cash return of all personal contributions, and any vested employer contributions, without interest.
(b) Have a paid-up annuity to commence at the normal retirement date as can be purchased by all personal contributions and any vested employer contributions, with interest, up to the date employment terminated.
(7) Upon application by the member, and the employer, and with the consent of the Pension Board, a lay worker may withdraw from further membership in the fund without severing employment.
The lay worker's interest in the fund will be adjusted as of that date. Any contributions applicable to the lay worker will be held until complete severance of employment takes place, and then such adjusted contributions shall be dealt with as outlined above.
(8) In the event of the employer's contributions not being completely vested in the lay worker upon severance of employment with the Church, such non-vested employer's contributions shall be refunded to the employer.
7. Gifts
Should the fund received any gifts, or money as outlined in Section 2, subsection 2(b), the yearly income earned by such money may be applied as a credit on a pro rata basis to all lay workers' normal 5% of salary contributions. This credit shall be used only to apply to the purchase of annuities upon the disability or normal retirement of a lay worker.
8. Effective Date
This canon as amended shall come into force as of January 1st, 1956. CARRIED in both Houses.
Subjects
Anglican Church of Canada. General Synod. Constitution. Canon XIV
Pensions - Anglican Church of Canada
Anglican Church of Canada - Employees
Anglican Church of Canada - Lay employees
Laity - Anglican Church of Canada
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