Philadelphia Yearly Meeting Records: Friends Pension Plan Committee

In 1958, the Audit and Budget committee recommended appropriations for a retirement plan for Yearly Meeting Office staff and committee members. This became the Pension Fund by 1959, and formed the basis for the Philadelphia Yearly Meeting Pension Plan. The Pension Fund was handled by the Representative Meeting, and provided retirement income to staff of the Philadelphia Yearly Meeting, Friends General Conference, and other affiliated groups, including Monthly Meetings.

The pension plan was set up in 1958, adjusted to allow two retiring staff members to receive pensions in 1960, and deemed satisfactory by the Pension Committee and the Representative Meeting in 1963. In 1967, the retirement age was changed from 68 to 65. In 1968, the Representative Meeting reported further adjustments to the plan, and noted that it was jointly sponsored by the Friends General Conference and the Philadelphia Yearly Meeting.

The Pension Committee includes members appointed by Philadelphia Yearly Meeting and Friends General Conference to administer the Pension Plan. Today, the General Services Standing Committee recommends appointments to Friends Pension Fund, usually for three year terms.