Due to legislative changes enacted by General Conference 2012, paragraph 1506.8 of the 2012 Book of Discipline was expanded to include all benefit plans and liabilities (instead of just for the Pre-82 Plan, as has traditionally been done in the past), and improves the funding plans by requiring that each annual conference develop, adopt and implement a formal funding plan for funding all of its benefit obligations.
The funding plan shall:
- Address the funding for liabilities,
- Be approved annually by the annual conference, following receipt and inclusion of a favorable opinion from the General Board of Pension and Health Benefits.
- Meet the minimum standards established by the General board of Pension and Health Benefits for all benefit liabilities.
The New Mexico Board of Pension and Health Benefits has completed its 2014 Comprehensive Funding Plan as required, and has received a favorable opinion from the General Board. It now submits this plan to the New Mexico Annual Conference for approval.
A Comprehensive Funding Plan is a formal funding plan that describes how to pay for benefit obligations, including those obligations that are dependent on the conference continuing its current benefit programs. This plan balances benefit design with benefit funding—realistically aligning design expectations with funding patterns. As a result, the conference is better able to plan for the payment of all long-term benefit obligations.
Please download and include in your pre-conference Journal: 2014 BOPHB Comprehensive Funding Plan