Petition 81497

Print this page
Submitted TextClose Window X

Defined Contribution Plan of the Clergy Retirement Security Program (CRSP) (81497-FA-NonDis-$)

The General Conference of the United Methodist Church requests the General Board of Pension and Health Benefits to amend the CRSP Plan Document: Section C4.1., as authorized by the 2004 Book of Discipline; ΒΆ1504.1, in the following way:
DELETE the following at the end of the first full sentence:   3% of such Participant’s Compensation for each payroll period.
INSERT the following in place of the above deletion:
  One of the three following choices for each payroll period as chosen by the plan sponsor and communicated to the GBOPHB through adoption agreement:
  The level of contribution shall be chosen from one of the following:  
a)    3% of plan compensation  
      b)    3% of the Denominational Average Compensation  
c)    3% of the Conference Average Compensation  
      DELETE the following in the second full sentence:   3% of such Participant’s Compensation measured as of the payroll period
INSERT the following in place of the above deletion:
   the choice of the Plan Sponsor and communicated to the GBOPHB through adoption agreement
  This amendment (change) shall take effect January 1, 2010.
  
COST:
The General Board of Pension and Health Benefits (GBOPHB) has completed the cost estimate for this proposed change. The cost will be in the range of $100,000 to $120,000, based on use of internal resources. If there were a need to go outside for programming resources due to resource constraints, the cost could increase by another $90,000 to $100,000. The General Board of Pensions  would be less likely to need to go outside if this change were implemented at the same time as other General Conference changes that GBOPHB proposed for CRSP and RSP. An effective date for these changes has not been set by GBOPHB.

Rationale

The General Commission on Religion and Race, in collaboration with the Dakotas Conference, believes that a change in the present Clergy Retirement Security Program (CRSP), effective January 1, 2007, is necessary in order to do justice to our racial/ethnic minority pastors and to clergy women. We believe that CRSP was...