Pension Plan changes announced

Pension Board

Representatives of the Orthodox Church in America Pension Plan met with the Metropolitan Council on Thursday, September 26, 2013.

John Sedor, Chairman of the Pension Board, reported that the Plan’s actuarial valuations show that, while the Plan is recovering from the economic setback of the economic downturn of 2008, the actuary informed the Pension Board that many plan sponsors concerned about the long term status of their plans have been increasing their contributions.

Upon recommendation from the Plan’s actuary, the Metropolitan Council approved the Pension Board’s proposal that parish contributions be increased from 6% of covered payroll to 8% of covered payroll effective January 1, 2014.  Participant contributions will remain unchanged at 6% of covered payroll.  The contribution increase should ensure a sound pension system for the benefit of today’s OCA clergy and employees as well as future OCA clergy and employees.

Updated materials will be forwarded to all parishes and to all participants in the near future.

Questions may be addressed to Maureen Ahearn at the Pension Office at 516-922-0550 x142 or .(JavaScript must be enabled to view this email address).