wfn.org | Committee approves pension board's recommendation for 9 percent

[PCUSA NEWS <PCUSA.NEWS@ecunet.org>]

Note #5995 from PCUSA NEWS to PRESBYNEWS:

apportionment increase
26-June-2000
GA00049

	Committee approves pension board's recommendation for 9 percent
apportionment increase

	by Evan Silverstein

LONG BEACH, June 26 -- The Pensions and Benefits Committee of the 212th
General Assembly unanimously approved a recommendation by the Board of
Pensions of the Presbyterian Church (U.S.A.) that participants in the
church's pension plan be granted a 9 percent experience apportionment
increase.

	If the recommendation goes on to receive General Assembly approval, the
apportionment will mean a 9 percent increase in pensions for retired plan
members and a 9 percent increase in accrued pension credits for active,
vested inactive and disabled members who received such benefits as of Dec.
31, 1999.
 
	A 9 percent increase in retirement and survivor's pension benefits for
members and eligible survivors was also approved. An experience
apportionment of 4 percent was approved for persons receiving disability
benefits.

	The increases would take effect August 1.

	"The apportionment is a very unique feature of this benefit plan and is
something that allows people to have some inflation protection," said Frank
Maloney, executive vice president and chief operating officer of the Board
of Pensions. "It's a unique feature that many people admire in our benefits
plan."

	Each percentage point of apportionment reduces the contingency reserve by
$34.8 million. An experience apportionment of 10 percent was granted by last
year's 211th General Assembly in Fort Worth, Texas.

	The committee also approved an increase in the pension benefits of a plan
member who deferred commencement of his or her retirement past the normal
age of 65.

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