Converge Retirement Plan
2002 S. Arlington Heights Rd.
Arlington Heights, IL 60005
Fax: 847.228.5376
The
following resolution and agreement was voted by
____________________________________
of _________________________, __________
(name of church or organization) (city
or town) (state)
on
______________________ for _________________________________________________
(date) (name
of plan participant)
RESOLVED:
That
_________________________________________________
(name
of church or organization)
participate
in The Converge Retirement Plan as amended and agrees to pay to the Trustees,
in advance, for the member employed by said organization and holding membership
in The Plans, annual contributions equivalent to 6% of annual compensation to
be contributed to the defined benefit plan; and _____% or $______________ of annual compensation to be contributed
to the defined contribution plan. In
addition, a voluntary wage reduction may be agreed to by the participant
whereby a portion of annual compensation will be withheld by the employer and
forwarded to the plan as a voluntary contribution. It is understood that said annual
contributions may be paid semi-annually or quarterly. An installment fee will be added to the
defined benefit portion of the contribution.
It is expected that this contribution will
be provided for in the current expense budget.
It is neither a part of the benevolence of the church nor of the
minister's regular salary.
Under any and all circumstances,
payments made on behalf of the minister (or missionary) by employing
organizations are retained as credits in the employee's name, and such credits
with interest, will be available to benefit the minister (or missionary)
beginning at age 65 unless an early or late retirement option is requested. In case of his death before such retirement,
benefits will be paid to his designated beneficiary.
The
salary base used to compute annual deposits is the regular cash salary from a
qualified employer plus an allowance for the fair rental value of the parsonage
when owned by the church.
