RETIREMENT ASSISTANCE FUND
OF THE CANADIAN REFORMED CHURCHES
MINUTES OF THE ANNUAL GENERAL MEETING - held electronically on June 01, 2024 |
| Opening: Eric Vandergriendt welcomed those present and opened the meeting with reading from a portion of I Corinthians 9 and with prayer. Credentials: 45 participants joined the Zoom meeting representing 41 member churches. Five members of the Retirement Assistance Fund ("RAF") Management Committee were present, 2 of which also represented a member church. It was noted that quorum (25% of the members) has been reached should there be any matters requiring a vote. Minutes and Agenda: Opportunity was given to comment on the agenda. The minutes of the 2023 meeting were reviewed and approved. Secretary's Report: The secretary, Leroy Van Spronsen, presented the 2023 Annual Report on behalf of the management committee. Jenny Vanderzyl was thanked for her years of service. It was also noted, with appreciation, that Jenny agreed to serve for another term. Treasurer's Report: Steve Vander Molen presented the Treasurer's Financial Summary for the year ended December 31, 2023. It was noted that there was a return to more normal investment activity in 2023. The fund saw a net increase of approximately $178,000, after withdrawal of approximately $260,000 to offset member benefits paid during the year. In response to questions raised, it was noted that the 20-year cash flow projection assumes a 2% increase in annual assessments and a 4% rate of reeturn. Currently, we draw approximately $150,000 annually to cover member benefits. A question was asked about the calculations used to calculate the rates used for annual benefits and assessment amounts. The benefits are adjusted annually by the CPI index and the assessments based on a number of factors used in the 20-year cash flow (i.e., number of retired pastors, current rate of return, number of member churches, etc.) Question Period and Other Matters: Eric Vandergriendt commented on the proposal received regarding changes to the bylaws. It was noted that changes to the bylaws need to be voted on at in-person meetings per our current bylaws. The management committee will interact with this proposal at a future meeting. A comment was made that it would be better if it was clear which church is making proposals. A question was asked if the management committee had considered meeting in person. It was noted that it was decided at the last tri-annual meeting (ed note: at Edmonton Immanuel) that there was to be a departure from this practice and that the member churches would need to want to return to an in-person meeting. It was noted that there is a General Synod scheduled in 2025. In response to a question raised, it was noted by a member present that it is better if proposals come to the Board or the Management Committee from the member churches. A comment was made by a participant that member churches should consider future potential implications when drafting proposals in an effort to minimize unintended consequences. A clarifying point regarding support for dependent and potential care for adult dependents. Currently dependents are supported to the age of 18. It was noted that the minutes from the February Board Meeting wrongly indicate that benefits of dependents may extend beyond the age of majority in some situations. In response to a question, it was noted that the honorarium is paid to the treasurer of the Management Committee. Closing: Eric thanked the representatives for their time and Henry Voorhorst closed in prayer. |