Ogden Standard-Examiner | 1926-05-30 | Page 11 | Pastor Pension Plan Offered

PASTOR PENSION PlAN OFFERED Presbyterians Enter Cam Cam- Campaign Campaign Campaign to Care for Aged Aged Aged- Ministers BALTIMORE Md May 29 lly 2 ByThe The Associated Press Press Tho Pres Presbyterian church In the United States ot of America today entered a financial campaign will result in sustaining self pensions for all Its ministers over 65 years year's yearn yearn-of or of age with a reserve fund of The pension system was organ organ- organIzed organIzed organized during the past year by a lay lay- laymen's laymen's laymen's mens men's committee under the dIrection direction direction tion ot of two eminent national fig fig- figures urea ures Will H Hayes known In Inthe Inthe the business world as the chief figure ot of o the motion picture in- in industry In Industry Is chairman of ot the com corn commIttee committee under his church designation designation designation tion as elder ot of the Presbyterian church or of o Sullivan Ind lad Andrew Mellon secretary of ol the treasury of o the United States Is treasurer ot or the commission LEVY 10 PER CENT Mr Hayes outlined the plan to the general assembly as calling for the endowment by contributions Lions and a leV lev or of o 10 per cent cento of ministers salaries from the church operating co-operating in the plan The church would pay 7 nf per percent percent cent and the minister 21 2 per cent The only objection to the plan was made by Rev Albert H Gam mon Gain mon men ot of o Santa Barabara Calif who called upon the assembly to throw out the plan and substitute substitute substitute tute a system based upon assess assess- assessment assessment ment Dr Harry B Moster secretary or of the board of ot ministerial atlon aU on and relief answered this ar- ar argument argument ar argument by saying that assessment systems always alwa's had tailed failed The response or of o the assembly In certifying tho the plan by vive voce vote was Interpreted to mean mean- that It would be put Into action forth forth- forthwith forthwith with MUST GIVE CONSENT The laymen's committee said It would be unable to ask for tor con con- contributions contributions for the endowment un un- un- un until until til churches and an equal number ot of ministers had assented This compliance has been received from ministers ers and 2800 churches The system Is founded upon the experience ot actuaries In the field of endowment work the principal contrIbutors to the plan being sta- sta statisticians sta statisticians from the Life Insurance company under the direction of ot Edward Duffield pres pres- presIdent pres- pres president president ident ot or the company and vice moderator of o the assembly The plan calls tor for the fund to become supporting self when the thelast thelast thelast last pensioner under the old tern tern tem Is 15 dead