The working group was established by the Executive of the General Council in Spring 2024 to consider governance and funding of the Benefits Plan of The United Church of Canada. The working group consisted of external volunteers from the actuarial community, members of the Executive, and church staff.
Given the complexity of the benefits plan, the working group recommended that the Executive delegate oversight of the Plan to a dedicated “Benefits Committee”. A Benefits Committee would be a key component of a more robust governance structure for the Plan. Those involved with the Benefits Committee would have more specific knowledge, understanding and accountability for the obligations and liabilities of the Plan. The Executive is now asked to approve the Terms of Reference for this committee.
To meet our fiduciary duties to the plan members and the participating employers, the Benefits Committee will support the Executive in overseeing the Benefits Plan in responsible and professional ways in the best interests of the Plan’s members and participating employers, and to best support the Plan’s continued sustainability.
It is proposed that the Executive of the General Council:
The proposal will support the Executive of the General Council in meeting its fiduciary duties to plan members and participating employers by effectively managing the Benefits Plan.
Is this proposal in response to assigned work – either from General Council or a previous GCE meeting? GS66 GROUP BENEFITS PLANS ADMININSTRATIVE EXPENSE FUNDING, November 2023 meeting. GS115 BENEFITS PLAN GOVERNANCE CHANGES, November 2024 meeting.
