Be it further resolved, that all liabilities of the Supplement, fixed and contingent, to participating employees, beneficiaries, and alternate payees be discharged through purchase from the Defined Benefit Annuity Reserve of the General Board of Pension and Health Benefits of annuities for all persons to be determined and to be payable in accordance with the provisions of the Supplement as they exist on December 31, 1996;
Be it further resolved, that the amount to be retained to satisfy the Supplement's pension liabilities shall be an amount equal to 110% of the pension liability determined by the General Board of Pension and Health Benefits;
Be it further resolved, that all assets of the Supplement remaining after the discharge of all liabilities of the Program be paid by the General Board of Pension and Health Benefits to The Board of Pensions of The United Methodist Church, Incorporated in Missouri, as Trustee of the General Agency Benefit Trust;
Be it further resolved, that a "General Agency Benefit Trust" be established which (i) would be funded by the difference between the current Supplement One assets and the amount equal to 110% of the pension liability, (ii) would distribute an amount not to exceed four percent (4%) of the value of the trust per annum during the first fifteen year period of the commencement of the trust, six percent (6%) of the value of the trust per annum during the second fifteen year period, eight percent (8%) of the value of the trust per annum during the third fifteen year period, ten percent (10%) of the value of the trust per annum during the fourth fifteen year period, and twelve percent (12%) of the value of the trust per annum thereafter to the General Council on Finance and Administration for the general agencies which have voting representation on GCFA's Committee on Personnel Practices and Policies and to the General Board of Pension and Health Benefits for the purpose of reimbursing them for the cost of providing employee benefits to their current and retired employees and their beneficiaries, (iii) would allow the beneficiaries of this trust to terminate the trust after the last person who is receiving a benefit from the Supplement dies, and (iv) would make the Defined Benefit Annuity Reserve a primary beneficiary of the trust which would distribute sums sufficient to pay the annuities for those employees, beneficiaries, and alternate payees which were established under the Supplement;
Be it further resolved, that the General Board of Pension and Health Benefits and the General Council on Finance and Administration be, and they are hereby, authorized and directed to take such actions, and to execute such documents and instruments as they, in their sole judgment, deem necessary or desirable to effectuate the intent of the foregoing resolutions.
General Conference Webmaster: Susan Brumbaugh
PETS Creator: John Brawn
Petition Text: 21506-FA-NonDis-O
1996 United Methodist General Conference