ACC Pension and Insurance News

The ACC pension pages of our website, are designed to provide members the ability to navigate current Plan publications and their amendments, complete the necessary forms online, and review fund performance. Contact Marianne Pick with any questions or concerns you may have.

This document provides Frequently Asked Questions that might prove to be helpful as you click through the Pension pages.

The Case to Save Your Pension Contributions in these Hard Fiscal Times

Many of our members are being asked to take cuts/freezes in their compensation packages. Many of us have opted to (or had our congregations) lower or eliminate our pension contributions for one, two or a number of years. Please be advised that the ACC strongly discourages that practice. Your pension funds are the most expensive monies that you can return. Take the case of a 45 year-old cantor who plans to retire at age 65. A $5,000 reduction in just one year of her contract would result in a $23,305 loss upon retirement (assuming an 8% return on investment). If that $5,000 reduction continues each year until retirement, the loss grows to $247,115.

Therefore, the ACC has obtained the assistance of attorney, Michael Gan, who has written a fine position paper for the CCAR, and now for the ACC on presenting the case for NOT cutting any pension payments, even in this economy. He explains why it is not only a moral decision but why, in the end, it does not make sense for the congregation. We now have a copy of that article available to you on our website along with “talking points” that you can use in your discussions with your congregation. Michael Gan is an attorney with the law firm, Peer, Gan and Gisler in Washington, DC, and is also the son of a Reform Rabbi. His practice includes the negotiation clergy contracts. His biography is available for download here.

Download Michael's position paper here. Additionally, for those of you in negotiations, we have created some ‘Talking Points’ to help you in your conversation with your lay leaders on this issue. The talking points are available under “Contract Support, Helpful Contract Links” once you log into.

Please feel free to call Gail Hirschenfang at 845-559-3818 with any questions you may have.

Changes to the ACC Pension and Insurance Plan and Supplemental Plan

updated 02-24-10

The ACC periodically reviews the investment options available through the plan to make sure they continue to help you meet your financial goals and investing objectives. As a result, the following changes are being made to the ACC investment lineup.

Effective as of the market close (generally 4 p.m. Eastern Time) on March 29, 2010 the share class of two investment options offered through the ACC Pension & Insurance and Supplemental Plans will change. As a result of this change, the Fund Codes, Ticker Symbols and Expense Ratios will change. The new share class will offer you the same investment strategy and risk, but the overall expenses will be lower. See chart below. The transfer of balances will appear as an exchange on your account history and quarterly statement, and you may also receive a prospectus as a result of this transaction.

Please note that the "Automatic Rebalance" functionality available in your Fideliity NetBenefits account online will not take into account this share class change and must be updated manually.

Old Investment Option
PIMCO Total Return Fund - Administrative Class
Fund Code: OSGL
Ticker Symbol: PTRAX
*Expense Ratio: 0.89
New Investment Option
PIMCO Total Return Fund - Institutional Class
Fund Code: OSDU
Ticker Symbol: PTTRX
*Expense Ratio: 0.64

Old Investment Option
Royce Low-Priced Stock Fund - Service Class
Fund Code: OMWH
Ticker Symbol: RYLPX
*Expense Ratio: 1.6
New Investment Option
Royce Low-Priced Stock Fund - Institutional Class
Fund Code: OKEM
Ticker Symbol: RLPIX
*Expense Ratio:1.24

As of Date: 2-1-2010

For more information click here.

Important Note: All pension and insurance forms and/or payments should be mailed directly to Marianne Pick at the Quincy, Massachusetts address listed below.

ACC Pension and Insurance Plans Administrator

Marianne Pick
857-939-0328 (Phone)
617-481-2032 (Fax)
mpick@accantors.org

35 Bay View Avenue
Quincy, MA 02169

Office Hours:
Mon - Thurs 9:00am - 2:00pm Eastern

ACC Pension Plan Board Members

Cantors
David Goldstein - Chair
Richard Cohn
Peter Halpern
Charles Romalis

Lay Members
Phyllis Berman
Dennis Drescher
Larry SImon

Contact Info. for Pension Board Chair:
David Goldstein
Office: 847-835-0724 x645
Cell: 847-436-4108
Home: 847-780-4108
cantorgoldstein@nsci.org
DGoldstein762@att.net

Please use the links on the left-hand navigation to view information on the various products and services offered through the ACC Pension and Insurance Plan.