The Pension Plan is a defined contribution plan and is part of the national Canadian Baptist Pension Plan. The plan is managed by a committee called the National Pension and Insurance Committee, which includes representatives from all regions (Canadian Baptists of Western Canada, Canadian Baptist Ministries, Canadian Baptists of Ontario and Quebec, Union of French Baptist Churches in Canada, and Convention of Atlantic Baptist Churches), and 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 permanent employees who have minimum working hours of 700 hours per year or minimum earnings of 35% of the CPP Maximum Pensionable Earnings are eligible to join the Plan. Pastoral staff are eligible to join the Plan from their date of employment. Non-pastoral staff are eligible to join the Plan after one year of employment, or earlier if the employer agrees. 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%.
Enrollment forms are available by contacting Sarah Westman-Liu, Accounting Manager at CBOQ: email@example.com. If an employee chooses not to participate in the Plan the church should keep a signed waiver on file.