The Pension Plan is a defined contribution plan. The plan is managed by a committee called the National Pension and Insurance Committee, to which CBOQ appoints three representatives. The Committee meets a minimum of two times per year to hear reports from the consultants and investment managers, and to provide overall coordination and governance of the plan. All employees are eligible to be part of the plan. The employer has the right, for non-pastoral staff, to delay eligibility for one year. It is the church’s responsibility to advise employees of their eligibility.
The employee’s contribution is matched by the employer in an equal amount. Pension legislation requires that these funds be remitted within 30 days of having been withheld. Employee contribution rates since 2007 are 6.00%.
Enrolment forms are available by contacting Sarah Westman-Liu, Accounting Manager at CBOQ: firstname.lastname@example.org. If an employee chooses not to participate in the Plan, the church should keep a signed waiver on file.