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    Bill Number

    Title           Distribution of AMEC Ministerial
                    Retirement Annuity Plan Benefits

    Reference       Part V, Section XIII, Retired
                    Ministers, Pages 131-132

    Intent          To expedite the distribution of
                    vested retirement annuity benefits to
                    eligible participants 75 years of age
                    and older.
    Rationale        Current Retirement Annuity Plan
                    regulations pose potential financial
                    difficulties for clergy persons who
                    are ineligible to receive a pastoral
                    appointment due to age but have not
                    officially requested or been granted
                    Superannuation/Retirement status.



    CURRENT TEXT: New


    AMENDED TEXT:



1   Distribution of AMEC Ministerial Retirement Annuity Plan Benefits

2   Insert Part V, Section XIII, New C

3   Clergy persons and other eligible participants who are officially enrolled in the

4   African Methodist Episcopal Church Ministerial Retirement Annuity Plan shall be

5   eligible to request and receive a Full Surrender Distribution of the vested assets in

6   their personal retirement annuity account upon the occurrence of either one (1) of

7   the following eligible distribution events:

8            1. Upon attaining seventy-five (75) years of age, OR




    Proposal for Legislation—AME Church      Office of the General Secretary/CIO.   Updated 9/24/07   Page 1 of 2
 9           2. Being granted official Superannuation/Retirement status by the

10                appropriate Annual Conference, OR

11           3. Upon the voluntary or involuntary official separation from the active

12                ministry or compensated service of the African Methodist Episcopal

13                Church.

14   Written confirmation of either of these eligible distribution events must be

15   submitted to and received by the Executive Director of the Department of Annuity

16   Investments and Insurance by the appropriate confirming entity prior to the Full

17   Surrender Distribution being permitted. Any person receiving a Full Surrender

18   Distribution shall be rendered permanently ineligible for future participation in the

19   Plan.

20   The passage of this legislation shall have no bearing or effect on any other existing

21   regulation or provision of the current Plan Document governing the African Methodist

22   Episcopal Church Ministerial Retirement Annuity Plan or any other church sponsored

23   retirement or insurance benefit administered by the Department of Annuity Investments

24   and Insurance.

25

26   Submitted by:

27   Dr. Jerome V. Harris, Executive Director

28   Department of Annuity Investments and Insurance and

29   The Commission for the Department of Annuity Investments and Insurance

30   African Methodist Episcopal Church




     Proposal for Legislation—AME Church   Office of the General Secretary/CIO.   Updated 9/24/07   Page 2 of 2

								
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