Our actuaries are preparing to file a valuation of our pension plan with the Ontario Government. This report on the plan's financial position outlines the health of the fund using a variety of measures and establishes the contributions that must be made by the Church over the next few years.
The upcoming valuation will include the first three months of this year, and it is therefore of critical importance that we receive all January-March payments from all congregations. These funds must be in the pension fund to ensure that the Church is up-to-date on its contribution requirements, and that the actuaries will have accurate information available to prepare the valuation as early as possible. Every dollar counts.
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We are asking all congregations to send in January-March pension contributions immediately. Our office must receive these cheques and have them in the pension fund by the end of April for them to be reflected in the actuaries' preliminary valuation results.
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How will these payments make a difference?
If our pension plan's financial position is strong enough, the Church can avoid the requirement to file annual valuations. This means that the following valuation could be deferred up to three years, and the Church will have greater certainty about its contribution requirements for the next few years.
This valuation could also affect the special top-up payments to the plan that the Church is currently required to make. The reduction of top-up payments would allow funds to be used towards the mission of the Church.
By preparing accurate valuation results as early as possible this year, we will better understand how much money the Church will need for pension contributions and will give the Church enough time to allocate the necessary funds.
Your Contribution is significant
Together, by sending in all payments due, we can work towards a positive result. Nothing is guaranteed, but it is in the best interest of the PCC Pension Plan, and in the best interest of the Presbyterian Church in Canada to ensure that all pension payments are in the fund as soon as possible.
Cheques can be mailed to us at the address below and the remittance form is available here. Our office is always available to answer questions.
Pension and Benefits Board
The Presbyterian Church in Canada
50 Wynford Drive,
Toronto, Ontario
M3C 1J7
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