It's been a year since we initiated the process to transfer our pension plan provider from CCCC (Great West) to Manulife. Maybe you have been asking the question, "I wonder what's happening with the pension transfer?"
The answer is, it's done! I received notification today from Manulife that the funds were received today and are invested into the individual member accounts. The main screens on their account system only update once a month so these amounts will not show up online until May 1.
Because this is a Registered Pension Plan with the CRA it has required that each province give approval to set up the new account and transfer the funds. We received the final provincial approval a few weeks ago.
A formal letter will be included in the next billing cycle to give to your pension plan members. If you have questions or there has been anything overlooked on your account please let me know right away so it can be investigated.
Thank you for your patience!
Rhonda Berkhiem
Useful Quote of the Day:
No great work is ever done in a hurry. To develop a great scientific discovery, to paint a great picture, to write an immortal poem, to become a minister, or a famous general~~to do anything great requires time, patience, and perseverance.
~~W. J. Wilmont Buxton~~
Wednesday, April 20, 2011
Wednesday, April 13, 2011
Insurance: Clarity on Coverage
I have received many emails and phone calls over the past month or so on Liability Insurance coverage for the churches.
The most frequently asked question has been, "Does the church need to have Abuse/Counselling coverage and Directors' Liability insurance included in their policy?" There is more than one answer depending on who your insurance provider is:
The Foursquare Gospel Church of Canada (national office) uses Westland Insurance as our liability/property insurance provider. Brenda Erickson, our Westland representative, has provided us with details that should bring more clarity to what is required for each of our churches.
If your church is insured with Westland Insurance then you are not required to obtain additional coverage for Abuse/Counselling liability. You are automatically covered under the national church policy at no extra charge to the national office or individual church.
However, if you are with another insurance provider you will not be covered for this under the national office insurance and will need to have this specifically included in your individual insurance coverage. This is an additional charge and depending on your provider can be costly.
Directors' Liability insurance is covered under the national church policy and is not required for the churches. The national board is legally responsible for the operations of the national church and/or any liability that may flow from decisions made at the local church level.
If you are a church plant and are conducting services in rented/leased facilities you are required to have insurance coverage for public liability and property. Coverage is provided under the national office policy for a small fee ($75).
The Administration Manual (Tab 5, Part 6.0) itemizes the types of coverage that are to be included in the church's insurance coverage. Please note that the Foursquare Gospel Church of Canada, as holding title to all church property, is to be the named insured for insurance purposes. The church may also be named as secondary benificiary.
Please take the time to review the Foursquare policy and your individual church coverage. If you need further assistance then please contact the national office.
You can also contact Brenda at Westland Insurance directly at 604.543.7788 or berickson@westland-insurance.com if you have questions or you would like to obtain a quote for insurance coverage.
Rhonda Berkhiem
Quotable Quote:
For a long time it had seemed to me that life was about to begin - real life. But there was always some obstacle in the way, something to be gotten through first, some unfinished business, time still to be served, a debt to be paid. Then life would begin.
At last it dawned on me that these obstacles were my life.
... Alfred Souza
The most frequently asked question has been, "Does the church need to have Abuse/Counselling coverage and Directors' Liability insurance included in their policy?" There is more than one answer depending on who your insurance provider is:
The Foursquare Gospel Church of Canada (national office) uses Westland Insurance as our liability/property insurance provider. Brenda Erickson, our Westland representative, has provided us with details that should bring more clarity to what is required for each of our churches.
If your church is insured with Westland Insurance then you are not required to obtain additional coverage for Abuse/Counselling liability. You are automatically covered under the national church policy at no extra charge to the national office or individual church.
However, if you are with another insurance provider you will not be covered for this under the national office insurance and will need to have this specifically included in your individual insurance coverage. This is an additional charge and depending on your provider can be costly.
Directors' Liability insurance is covered under the national church policy and is not required for the churches. The national board is legally responsible for the operations of the national church and/or any liability that may flow from decisions made at the local church level.
If you are a church plant and are conducting services in rented/leased facilities you are required to have insurance coverage for public liability and property. Coverage is provided under the national office policy for a small fee ($75).
The Administration Manual (Tab 5, Part 6.0) itemizes the types of coverage that are to be included in the church's insurance coverage. Please note that the Foursquare Gospel Church of Canada, as holding title to all church property, is to be the named insured for insurance purposes. The church may also be named as secondary benificiary.
Please take the time to review the Foursquare policy and your individual church coverage. If you need further assistance then please contact the national office.
You can also contact Brenda at Westland Insurance directly at 604.543.7788 or berickson@westland-insurance.com if you have questions or you would like to obtain a quote for insurance coverage.
Rhonda Berkhiem
Quotable Quote:
For a long time it had seemed to me that life was about to begin - real life. But there was always some obstacle in the way, something to be gotten through first, some unfinished business, time still to be served, a debt to be paid. Then life would begin.
At last it dawned on me that these obstacles were my life.
... Alfred Souza
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