Subject: Amendments to the Long Term Disability Plan Pre‐2005
Moved by: The Rt. Rev. Philip Poole, Diocese of Toronto
Seconded by: The Rt. Rev. Stephen Andrews, Diocese of Algoma
Be it resolved that this General Synod:
Approve the purchase of insured contract and approve amendments to the Long Term Disability Plan Pre‐2005 to implement these changes as approved by the Council of General Synod by adding the bold portions as shown on the attached copy of the document.
Source: The Pension Committee
Submitted by: Judy Robinson, Executive Director
Does this motion contain within it any financial implications? Yes No X
If yes, has the General Synod Expenditures Committee considered the implications? Yes No
EXPLANATORY NOTE/BACKGROUND INFORMATION
Required to permit the Pension Committee to purchase benefits payable from the Plan from an insurance company and allow the Administrator (the Pension Office) to continue to work with the insurance company to manage the claimants once such a transaction occurs.
PROCEDURE FOR ADOPTION (G)
In the normal course, an ordinary motion must be passed by a majority of the Order of Bishops, and by a majority of the Orders of Clergy and Laity voting together.
Six members of General Synod may, prior to the question being put, require a vote by Orders, with a majority of each Order being necessary to pass.
If a question passes on a Vote by Orders, any six members (two from each of three different dioceses) may require a vote to be taken by dioceses. A motion passes if a majority of dioceses (or a tie) vote in favour.
Source: Section 5 of the Declaration of Principles and sections 18, 19 and 20 of the Rules of Order and ProcedureIf Resolution A030 is given second reading, the required majority will be all Orders voting together.
LONG TERM DISABILITY PLAN PRE-2005
Transfer of liability
To approve the purchase of an insured contract to pay the monthly benefits to the LTD Plan Pre-2005 claimants and implementation at the time to be determined by the Central Advisory Group of the Pension Committee.
Bolded text is new
Section A.15 – The Fund
The fund maintained in accordance with Section F of the Plan, including any benefits funded through an insured annuity contract.
A new Section G.6 is added as follows:
G.6 Benefit Purchase
G.6.1 The Pension Committee, at its sole discretion, may purchase benefits payable from the Plan from an insurance company licensed to transact insurance and annuity business in Canada, provided that the terms and conditions of the purchase are at least as favourable as the terms and conditions of the Plan.
G.6.2 Once such a transaction occurs, the Administrator will continue to work with the insurance company to manage the claimants, as necessary.