CCCC Employee Pension Plan
The Plan
CCCC offers churches and other Christian charitable agencies the opportunity to provide their employees retirement income, with tax deductible contributions.
Any Church or charity affiliated with CCCC is eligible to enrol its employees.
Professional
The Plan is governed by a board of trustees and is administered jointly by CCCC and Group Retirement Services, a division of Great West Life - one of the largest insurers in the country.
Flexible
Employers choose the contribution rates that best suit their needs. The Plan allows members to make voluntary contributions and every member has a choice of investments to hold their own funds.
Easy
All that is required from the employer is a Participation Agreement and monthly contributions which can be sent electronically.
The CCCC Employees Pension Plan is a money purchase pension ("defined contribution") plan which has been designed to accumulate employer and employee contributions. Accounts are credited with the full rate of return on the fund, less any related investment management and administration charges.
Eligibility includes pastors and other regular employees who work 20 hours or more per week and part-time employees, when certain conditions specified in the provincial Pension Benefits Act in which they are employed apply.
The employee's contributions can be set from 0% to 12% of earnings. The employer's contribution, from 5% to 18% of earnings. Additional voluntary contributions may be made by the employee. (Total of all contributions not to exceed 18%.)
- Balanced Fund (Jarislowsky Fraser, Meritas-socially responsible)
- Canadian Equity (Jarislowsky Fraser, Great-West Life Ethics Fund)
- American Equity (McLean Budden)
- International Equity (Sprucegrove)
- Money Market (McLean Budden)
- Guaranteed Investments one, three and five year terms.
Plan members have access to their accounts 24/7 by the internet and automated telephone service. They may view their account, make investment choices and update information online.
Each member receives an annual statement which lists the current value of the member's holdings and pertinent member information. Members can view their account information online at any time.
A one-time enrolment fee of $150 per employer is the only direct cost. Ongoing administration fees are paid out of investment earnings.
The audited financial statements of the plan may be viewed online at the CCCC Employee's Pension Plan Website.
The provisions of the plan are more comprehensively spelled out in the pension plan text.
