Long Term Disability Plan
https://archives.anglican.ca/link/official9013
- Date
- 2004 November 26-28
- Type
- Resolution 15-11-04
- Mover
- Bishop Robert Bennett
- Seconder
- Rev. Edward Keeping
- Text of motion
- 1.3 That the Council of General synod approve the recommendations of the Pension Committee that effective January 1, 2005
- - a new Long Term Disability Plan be adopted with respect to disabilities commencing on or after January 1, 2005 with the following plan design:
- - Benefit equal to 60% of all earnings
- - Employer paid premiums
- - Cost of living increases be considered when finances allow
- - the first 18 months of claim is self-insured with payments, beyond 18 months to be insured
- - approve the recommended changes in the employee and employer Pension contributions as of January 1, 2005 and 2006;
- - approve amendments to sections 1 and 2 of Regulation 3 of the General Synod Pension Plan; and
- - approve, in principle, amendments to the Long Term Disability Plan document implementing the above changes effective January 1, 2005 which the Actuary has been asked to prepare.
- GENERAL SYNOD PLAN
- The effective date of these amendments is January 1, 2005.
- Strikethrough indicates deletion, underline indicates addition [In electronic database bold indicated by pointed brackets i.e. <>; strikethrough indicated by double pointed brackets i.e.<< >>, and underline indicated by curly brackets i.e. {}]
- Section 1 of Regulation 3 be amended to read:
- 3.1 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: <<10.5%>> {8.3%} of Salary
- - iii) effective January 1, 2006: <<11.2%>> {9.0%} of Salary
- Renumber the current section 2(a) as section 2, amend it as follows and delete section 2(b):
- 3.2 <<(a) Effective January 1, 1994, t>>{T}he Pension Contributions required from the Member in Active Service shall be <<2.2%>> {4.4%} of Salary;
- {(b) The Contributions to the Long Term Disability Plan shall be:
- - (i) Effective January 1, 1992 : 0.8% of Salary
- - (ii) Effective January 1, 1994 : 1% of Salary
- - (iii) Effective January 1, 1996 : 1.2% of Salary
- - or such percentages as determined from time to time by the Pension Committee: CARRIED #15-11-04
- Subjects
- Pensions - Anglican Church of Canada - Regulations
- Insurance, Disability - Religious aspects - Anglican Church of Canada
- Insurance, Disability - Law and legislation - Canada