Rescind CRSP (81108-FA-¶1504.1)
This petition is brought by the Memphis Annual Conference to amend Discipline ¶1504.1. The financial implications of the proposed change would be borne internally by the General Board of Pension and Health Benefits. In compliance with ¶1504.1, an actuarial opinion was requested in August 2007. Proposed changes are as follows:
To operate, and administer the mandatory benefit funds, plans and programs established by the General Conference: (a) the Ministerial Pension Plan,
amended and restated effective January 1, 2007, as the Clergy Retirement Security Program ; (b) as the Staff Retirement Benefit Program for General Agencies amended and restated effective January 1, 2007, as the Retirement Security Program for General Agencies of The United Methodist Church; and (c) the Comprehensive Protection Plan. The provisions of these mandatory benefit programs shall be incorporated by reference into the Discipline and shall have the full force of law as if printed in the Discipline. No proposal shall be made to the General Conference that changes a benefit presently in effect without first securing through the General Board of Pensions and Health Benefits an actuarial opinion concerning the cost and other related aspects of the proposed change.
1. CRSP monies are primarily deposited to General Board pooled funds rather than credited to individual accounts as under the previous plan.
2. The industry trend has been to replace Defined Benefit with Defined Contribution Plans (i.e. General Motors, Delta Airlines and others), in opposition to 2004 General Conference approval.