1.2 Canon VIII Amendments - General Synod Pension Plan - General Synod Archives

Text of motion: That the Council of General Synod approve amendments to Regulations 3.1 (Contributions), Regulation 5.1(b) (Normal Retirement Pension) and Section 1.(b) of Schedule A of the General Synod Pension Plan (Canon VIII) effective January 1, 2004.; - Regulation 3.1 (Contributions) is amended to read as follows.; (Bold indicates addition, underline indicates deletion) [In electronic database bold indicated by pointed brackets i.e. <> and underline indicated by curly brackets i.e. {}]; 1. The Contributions required fom each Participating Employer shall be {10% of Salary} for all Members in Active Service:; - Regulation 5.1 (b) (Normal Retirement Pension) is amended to read as follows.; (b) for Years of Contributory Membership after December 31, 1960, percentages of Salary in accordance with the following table:; 1961 to 1972 - 1.5%; 1973 to 1975 - 1.6%; 1976 to 1978 - 1.7%; 1979 to 1980 - 1.8%; 1981 to 1982 - 1.85%; 1983 to 1996 - 1.9%; 1997 to 200{3}<6> - 2.0%; 200{4}<7> - and later - 1.9%; - Schedule A (Bonus Additions to Accrued Pensions); 1.(b) for Years of Contributory Membership after December 31, 1960, percentages; of Salary in accordance with the following table:; provided however that the increase in a Member's amount of annual Pension pursuant to this paragraph 1 shall not exceed 40% of the amount otherwise determined as of December 31, 1988 in accordance with Regulation 5.1. CARRIED #04-11-03

Subjects: Pensions - Anglican Church of Canada - Regulations; Anglican Church of Canada. General Synod. Constitution. Canon VIII