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Orthodox Observer - May 5, 1997

Archdiocesan Health and Retirement Plan Report

The Archdiocese Pension Plan

The Archdiocese Pension Plan, since its inception in 1973, has made great strides. Today there are 529 priests actively participating and 194 priests and presbyteres receiving retirement benefits.

By Fr. Constantine Eliades

The plan covers all the clergy and the lay employees of the Archdiocese, the Dioceses and Hellenic College/Holy Cross School of Theology. It is an all encompassing program that is funded by a monthly contribution from the priests of 2 1/2 percent of their salary and from the parishes of $260. The contribution is used to fund:

1. The Benevolence Account which provides destitute or between assignments priests and presbyteres a subsistence and/or health insurance payment. This amounted to $231,836 for 1995 and it is expected to exceed that in 1996.

2. The Disability Plan which provides that members who are disabled would receive 60 percent of their basic monthly salary, up to a maximum of $2,000 per month when combined with Social Security and disability pension payments.

3. The Pension Plan which is a defined benefit plan and is actuarially evaluated every year. It is currently funded at 100 percent and has over $35 million in assets. The pension benefit is based on a formula that calculates a percentage of the member's salary over the entire career of covered service. It works out to approximately 2 percent of salary per year of service. An amount equal to the pension the member would be entitled to at retirement is set aside for him in the annual actuarial evaluation that is done by William M. Mercer & Co. (a renowned actuarial firm). The Pension Plan is a qualified plan under the Internal Revenue Code of 1986 and meets the Federal Government ERISA (Employee Retirement Income Security Act) requirements.

4. The Life Insurance Plan which is administered by Anthem Health and Life Insurance Company provides for two times annual salary with a minimum of $30,000 and a maximum of $150,000 paid to whomever the member designates as beneficiary.

5. The Accidental Death and Dismemberment Insurance Plan which is administrated by the CIGNA Insurance Company provides $200,000 up to age 74; $90,000 for ages 75 to 79; $60,000 for ages 80 to 84; and $30,000 for age 85 and over.

6. The Business Travel Accident Insurance Plan which is also administered by CIGNA, should a member die while traveling on business, provides for five times annual salary up to a maximum of $300,000, with $50,000 for the spouse, if she is accompanying him.

7. The Personal Assistance Program in conjunction with Charles Nechtem Associates, a private counseling service, is a confidential counseling and referral program designed to help priests and their immediate family members deal with personal problems before they reach crisis proportions. They assist in solving problems dealing with marriage, parenting issues, illness or death, financial problems, legal issues and other emotional stresses.

The overall business and affairs of the benefit plans are guided, controlled and managed by the Archdiocese Benefits Committee which consists of one representative chosen from each of the dioceses. They meet twice a year.

Current representatives are: Fr. Peter Karloutsos, chairman New York; Fr. James Moulketis, vice chairman, New Jersey; Fr. Steven Kyriacou, secretary, San Francisco; Fr. Panagiotis Giannakopoulos, New England; Fr. Constantine Avlekos, Detroit; Fr. Gabriel Karambis, Chicago; Fr. John Loejos, Denver; Fr. Michael Kontogiorgis, Pittsburgh; Fr. Chris Metropulos, Atlanta; and as non-voting members Fr. Constantine Eliades, director of the Benefits Office; Fr. Evagoras Constantinides, representing the Retired Clergy; Presbytera Margaret Orfanakos, president of the Presvyteres Sisterhood and Tom Monfried, legal counsel.

Among their most important functions is to appoint three members each to the Administration Committee and Investment Committee under the Retirement Plan, and to the Orthodox Health Plan.

| An additional three members to the above Committees are appointed by Archbishop Spyridon.

Currently serving on the Investment Committee which is responsible for the management and control of the assets of the Retirement Plan are: Fathers James Moulketis, chairman; Michael Kontogiorgis, Costas Sitaras, Messers. Alex Anagnos, Jim Chanos, Peter Vlachos, and as advisors, Messers. Michael Jaharis, Alex Zagoreos, Constantine G. Caras, George Foussianes, and Tom Monfried.

The Administration Committee, which is responsible for the administration and operation of the Retirement Plan, consists of Fathers Gabriel Karambis, Chairman Peter Karloutsos, Costas Sitaras, Messers Tom Monfried, Michael Marks and Jerry Dimitriou.

We are indeed honored and fortunate to have such prominent fund managers, attorneys, analysts and executives of prominent corporations from the business community taking time from their busy schedules to offer their services without any compensation whatsoever.

We are indeed grateful to them and pray the Lord keep them healthy and well so that they could continue to offer their talents for many years to come.

The Archdiocese Health Plan

The Health Insurance Plan was born in 1980 out of necessity to have a uniform and comprehensive health coverage for all the clergy wherever they were serving. It further allowed clergy to transfer among the dioceses with no lapse in coverage and without exclusions for pre-existing conditions. It is a comprehensive health plan that includes doctor office visits, emergency care, hospitalization, rehabilitation and skilled nursing care and mental health and substance abuse services. In addition it has a Prescription Drug Plan and a Dental Benefits Plan. The cost for this Health Insurance is borne by the Parish.

The Orthodox Health Plan, as it is called, currently has 607 participants with their families.

Committee chairman is Fr. Costas Sitaras, with Frs. Alexander Leondis, Constantine Eliades and James Moulketis as members.

Clergy participation in the Archdiocese Health Insurance Plan is mandatory according to the Uniform Parish Regulations.

It was felt that only with participation of all the clergy could the Archdiocese be assured that priests' medical needs were being covered while also qualifying for better group rates and uniform coverage ― especially for pre-existing conditions.

[ Orthodox Observer - Vol. 62, No. 1128 - May 5, 1997 - p. 2 ]