Article I - Name and Purpose
This association shall be called the “Primitive Methodist Preachers’ Pension Fund” and shall be for the support and maintenance of its membership.
Article II - Membership
1. All our Ordained Elders, Student Ministers, and Missionaries become beneficiary members of this fund by a 3/4 vote of the membership present at the Annual
Meeting.
2. Each candidate for our ministry and/or missionary service, must join this fund at the time of his/her being received as a Student Minister/Missionary.
3. Ministerial Supplies, after two years as a supply, may be admitted to the fund by a 3/4 vote of the membership present at the Annual Meeting.
Article III - Status of Membership
1. Active - A member employed by Churches of our Denomination as Pastors, or employed by mission boards, or the Denomination.
2. Supernumerary - A member of the Preachers’ Pension Fund under leave of absence from the Primitive Methodist Ministry. Any Elder, Student Minister, or
Missionary may apply for Supernumerary relationship. Upon returning to the active ministry, he/she would receive the same status as prior to his/her application.
3. Special Ministries - A member of the Preachers’ Pension Fund entering another field of Christian Ministry other than our Conference, such as teaching or counseling
in a Christian School, college, chaplaincy, or any church related work, which is in harmony and sympathy with our doctrinal position.
4. Armed Services Chaplain - A member of the Preachers’ Pension Fund entering the Armed Services of our Nation as a Chaplain.
5. Evangelist - A member of the Preachers’ Pension Fund entering the evangelistic field as Conference Evangelist.
6. Retired - A member of retirement age or becoming permanently disabled by either accident or illness.
Article IV - Procedure of Status
1. Any person requesting a change of status must request this change in writing, stating reasons for such request, to the Preachers’ Pension Fund Board for disposition and such action be confirmed by Conference.
2. Status of Supernumerary must be renewed annually through the proper channels - Quarterly Conference, District, PPF, and Conference. This status may be granted for:
a. Ill Health - Ill health shall be considered when a member is physically incapacitated and therefore unable to perform his/her responsibilities.
b. Education - When a member leaves the active ministry to pursue advanced education relating to the ministry.
c. Personal Reasons - Consideration will have to be made according to each individual case base on stated reasons.
It is a violation of this status if a member holds any formal relationship with another Church or denomination. We suggest that he either returns to the full time ministry of the Primitive Methodist Church or relinquish his relationship with us.
Should a Supernumerary not return to Active Status within a period of three years, his membership in this Fund shall cease.
3. Status of Special Ministries must be renewed annually through the proper channels - Quarterly Conference, District, PPF, and Conference.
4. Status of Armed Services Chaplain must be presented and acted upon by the Preachers’ Pension Fund and Conference. Anyone returning from the Armed Services Chaplaincy and under normal age of retirement shall return to a listing satisfactory to our By-Laws, i.e., Active Pastorate, Supernumerary, Special Ministries, or Missionary.
5. Any person changing his status of work within such status, must apply for approval by the PPF Board and Conference before change of status can be granted. Any person seeking re-instatement to the active ministry with the Primitive Methodist Conference, must be granted such status by the PPF and Conference before being available to consider any invitation or appointments.
Article V - Financial Obligations
1. This fund shall be open to volunteer subscriptions, donations, bequest from all of our churches and their friends, together with the Conference Apportionments as per Discipline.
2. Notes on hand for financial obligations shall not be accepted.
3. The contribution formula will be that which is required to keep the fund solvent and will be established by PPF Board (Trustees) and approved by Conference.
4. Any member who is in arrears of his/her Preachers’ Pension Fund required contribution shall be eligible for funeral benefits, less unpaid contributions.
5. Any member who is in one calendar year or more arrearage of his/her Preachers’ Pension Fund required contribution will be recommended to Conference that he/she not be stationed by Conference.
6. Active Membership - Financial obligation of Preachers’ Pension Fund members shall be 3% of stated basic salary. The minimum that each member shall pay is 3% of the existing minimum scale of salaries plus car allowance.. The payments are based on current salary with 50% being paid in January and 50% paid in July. Delinquent accounts shall be assessed a 5% penalty added to the required contribution at the next billing period.
7. Supernumerary - Is required to maintain the 3% payment of stated basic salary.
8. Special Ministries - Is required to maintain the 3% payment of the stated basic salary.
9. Armed Services Chaplain - Is required to maintain the 3% payment of the stated basic salary.
10. Evangelist - Is required to pay 3% of the income received for services rendered as reported to the Internal Revenue Service, but in no case shall the payment be less than the minimum amount of an ordained Elder.
11. If a minister/missionary having been dismissed, properly credentialed, and later is re-admitted to the denomination and the PPF - his/her financial obligation shall be reckoned from the date of re-admission.
12. All retired or pensioned members shall not be required to pay any financial obligations.
13. Churches and Boards - Assessments for Churches and Boards shall be based on 6% of the minimum salary scale plus car allowance, as set forth by Conference or the current salary plus car allowance, whichever is higher. The Churches and Boards will be billed semi-annually, 50% in January and 50% in July. Delinquent accounts shall be assessed a 5% penalty added to the required contribution at the next billing period.
Article VI - Policies
1. Any member becoming permanently disabled, either by accident or illness, may receive the full value of his/her account available as specified by the Pension Document. When all accumulated funds are distributed, membership shall cease.
2. Any member leaving the denomination, or if he/she shall be convicted of immorality or dismissed for cause, shall receive vested funds only. Any person forfeiting rights under this rule shall have the right of appeal to the PPF Board for action.
3. When an active member deceases, their spouse shall receive the full value of the members pension account or settlement under the various options of the Pension Document.
4. In case of death, a Death Certificate shall be sent to the Secretary of PPF; action shall be taken by the PPF Board (Trustees) and the funeral benefits shall be paid to the proper person. When practical, arrangements for payment may be conducted by correspondence.
a. One Thousand Dollars ($1,000.00) shall be allowed for the funeral of a member; Seven Hundred Fifty Dollars ($750.00) for the funeral of a wife or widow of a member not included in Master Pension Document.
5. Any member previously retired for reason of ill health whose health is sufficiently restored to warrant a resumption of active service, shall make application to the PPF Board and Conference, and when employed will be accepted into the fund as a new member.
6. Distribution of the 6% Churches and Boards assessment will be divided as set forth by the Pension Document.
7. Should any member of the Fund be incapacitated from the active work in the ministry, they may apply for assistance from the Benevolent Trust Fund of the PPF.
8. All pension payments shall be made according to the Pension Document.
9. All monies deposited in banks, or other institutions, shall be in the name of the “Primitive Methodist Preachers’ Pension Fund”.
10. Any case not coming under the above rules or scale, is to be submitted to the Annual Meeting of the Fund or be referred to the PPF Board (Trustees) for consideration.
Article VII - Retirement
1. Each applicant, at the age of eligibility for retirement, shall submit in writing an application to the PPF Plan Administrator and Conference General Secretary who shall as soon as possible, present it to the Conference or General Committee for consideration. This request shall be forwarded to the PPF Board for action.
a. When a member of the Fund reaches the age established by our Nation’s Social Security program, he shall have the privilege of retirement in accordance with the Pension Document.
2. Upon the 60th day following the normal retirement date, a participants Accrued Benefits shall be distributed in such form and as such time(s) as may be set forth by the Pension Document.
3. All pension payments shall be made according to the Pension Document.
Article VIII - Annual Meeting
1. An annual meeting shall be held at the time and place of Conference for the transaction of the business of the Fund. This meeting shall elect the following officers: President, Vice-President, Secretary, and Health Fund Treasurer-to be confirmed by Conference, annually.
a. This meeting shall elect a Pension Plan Administrator for a four year term. The election for this office shall be held one year before the scheduled term of office shall begin. The election to be confirmed by Conference.
2. The Annual Meeting of the Fund shall be composed of the Officers of the Fund and the participating members. This is an open meeting for anyone interested.
3. The Preachers’ Pension Fund may, at its Annual Meeting, or by its Board, make such laws (not contrary to the Constitution) as shall be necessary to carry on its business.
4. The Constitution may be altered or amended by proposing the changes to Conference.
Article IX - Board & Officers
1. The Board of the Primitive Methodist Preachers’ Pension Fund shall consist of the President, Vice-President, Secretary, Health Fund Treasurer, plus members at large to make a nine member board. Qualified lay persons may be elected to the Board by Conference.
2. The Preachers’ Pension Fund Board shall act as the Trustees and shall attend to all duties required for such officers in a chartered association.
3. The Preachers’ Pension Fund Board shall have the authority to fill all vacancies until the next Conference.
4. Officers (selected at Annual Meeting) shall be: President, Vice-President, Secretary, and Health Insurance Fund Treasurer, to be confirmed by Conference, annually.
a. President
1. To preside at all PPF meetings.
2. Plan an agenda for each meeting.
3. Call special sessions of the Board and Executive Committee when necessary.
b. Vice-President
1. Preside at meetings in the absence of the President.
2. Become President in case of vacancy.
3. Assists President in all areas of responsibility.
c. Secretary
1. Record all minutes of meetings.
2. Maintain records of all Board transactions.
3. Shall submit reports of the proceedings of the Board concerning finances and investments to the Annual Meeting of the Fund.
d. Health Fund Treasurer
1. Preside at meetings of the H.I.F. (a PPF sub-committee).
2. Sign all insurance contracts in behalf of the Fund, and shall be the policy holder for the Conference.
3. Receive the premium payments for the current various health insurance policies and make payment to the carriers.
4. Shall give an annual report to the PPF Board and Conference and be accountable to the PPF Board.
e. Pension Plan Administrator
1. Duties are described in the plan document. They generally include the management of the day-to-day operations.
2. Federal regulations require that the Plan Administrator provide reports to participants, including summary plan descriptions and benefit statements; file reports with the IRS, Department of Labor and the Pension Guaranty Corporation; and maintain records relating to the operation of the plan with sufficiently detailed information to verify the accuracy of the various reports.
3. May delegate the performance of the plan’s administrative functions to other persons or purchase (with PPF Board approval) administration services from companies which provide them. The plan administrator may rely on the information, data, or analyses provided by other persons who perform these functions provided that he has exercised prudence in their selection, and has no reason to doubt their competence or integrity.
4. Traveling expenses incurred by the Board to attend necessary meetings and business shall be paid from the Benevolent Trust Fund.
Article X - Health Insurance Fund
1. The purpose of this Fund is to provide for the current premium payment on the various health insurance policies.
2. Participation in this Fund is available to all who are acceptable by our underwriters.
3. The Health Insurance Fund, under the jurisdiction of the PPF Board, will be supervised by a sub-committee from the PPF Board that includes the H.I.F. Treasurer as it’s chairperson.
a. The operating procedures of H.I.F. shall be established by the sub-committee and approved by the PPF Board.
1. The sub-committee shall be authorized to negotiate with various underwriters in the best interest of the Fund.
4. All delinquent members of the H.I.F. shall be accountable to Conference through the Annual PPF meeting.
|