Skip to comments.Anglican Communion Network Announces Pension Plan
Posted on 04/06/2006 7:12:49 PM PDT by sionnsar
Hmmm. Very significant. This is actually more significant than any other statement made by the ACN this year (at least to me.)
Anglican Communion Network Announces Retirement Plan for Clergy
Pittsburgh, PA The Anglican Communion Network (ACN) is pleased to announce the rollout, effective April 1, of its Qualified Retirement Plan for clergy. ACN-related clergy who are not in or otherwise eligible for the Church Pension Fund of the Episcopal Church USA (ECUSA) are invited to enroll.
The Plan Provider selected by the Network is American Funds, highly regarded in the investment community with more than 70 years of investment experience. The Plan is a defined contribution plan and provides for annual contributions by employers of up to 20% of compensation. Covered clergy have the option to contribute additionally to the plan in accordance with federal regulations.
Contributions are vested when made, and the benefits, which are transportable, can also be augmented by rolling over into the Plan other portable retirement accounts. The plan was launched on April 1, but arrangements can be made to apply the plan retroactively to January 1, 2006.
Application forms for parishes, clergy and other organizations to join the Network are available online at www.acn-us.org/join. Applications to enroll in the Clergy Retirement Plan can be obtained by contacting Lisa Waldron, ACN Director of Accounting, at firstname.lastname@example.org or by calling 412-325-8900 x102.
In addition, the Network anticipates announcing a retirement plan for lay employees, property and casualty insurance programs for parishes and organizations, and a group health insurance program before the end of the year. In connection with these efforts, the Network is gathering input from its members to help with the development of a health care benefits plan. Network affiliates and partners are invited to download a health insurance survey form at www.acn-us.org. Completed surveys can be faxed to 412-325-8902 or mailed to 535 Smithfield Street, Suite 910, Pittsburgh, PA 15222.
We are excited that we are now able to offer the retirement plan for eligible clergy, said Wicks Stephens, ACN Chancellor. We hope by years end to be able to offer a whole range of benefit options for our Network constituencies, both clergy and lay.
The Anglican Communion Network is a biblical, missionary and uniting movement of North American Anglicans in fellowship with the worldwide Anglican Communion. The ACN presently represents hundreds of parishes and thousands of clergy in the U.S. The Anglican Communion Network operates under the legal name of the Network of Anglican Communion Dioceses and Parishes as a tax exempt organization under Section 501(c)(3) of the Internal Revenue Service code.
The health insurance plan is going to be the most difficult to pull off.
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