Pension and Benefits Board
The Pension and Benefits Board report includes information regarding changes in plan members’ pension status throughout the year, pension plan funding and financial updates, group benefits and amendments to the Constitution of the Pension Plan.
The board elected to take advantage of the new solvency funding measures released by the Ontario government to sponsors of defined benefit pension plans. Namely, consolidating existing solvency special payments into a 5-year payment schedule starting March 31, 2017, and deferring by 24 months the start of the new solvency special payments established at March 31, 2017.
The Assembly agreed to change the continuation of pensionable service for active ministers and diaconal ministers of the pension plan who enroll in full-time doctoral studies from five years to two years.
The board reviewed the Employee Assistance Program and found, with a change in provider, the health and benefit plan could absorb the program for a cost of about $27 per congregation. Assembly agreed that the Pension and Benefits Board take over the administration and funding of the Employee Assistance Program, effective September 1, 2018.
General Assembly also affirmed the 2014 decision principle that all congregations throughout their entire life have an ongoing obligation to the pension fund, even when there has been a vacancy of more than four years.
The Assembly heard from the principals and governing boards of its three theological schools: Presbyterian College in Montreal, Knox College in Toronto and St. Andrew’s Hall in Vancouver.
The Rev. Dr. Roland De Vries was reappointed as the Director of Pastoral Studies at Presbyterian College for a five-year period at the rank of Associate Professor and the Rev. Dr. Esther Acolatse, Associate Professor of Pastoral Theology and Intercultural Studies at Knox College was granted tenure.