RESOLUTION OF THE EXECUTIVE COMMITTEE OF THE ARCHDIOCESAN COUNCIL,
ACTING AS THE BOARD OF TRUSTEES OF THE GREEK ORTHODOX CHURCH OF AMERICA,
a New York State Non-Profit Religious Corporation incorporated September 19, 1921,
under the Religious Corporation Law of the State of New York
WHEREAS, On June 15, 1999, this Executive Committee of the Archdiocesan Council,acting as the Board of Trustees of the Archdiocese, unanimously adopted a Resolution providing in pertinent part that His Eminence Spyridon be "deemed fully vested in and entitled to receive full benefits under the Plan and the Clergy Pension Program, upon his retirement or withdrawal for any reason from active service, irrespective of his age at the time of retirement or withdrawal, and it is further,
RESOLVED, that the Actuaries of the Plan and the Clergy Pension Program shall calculate the amount necessary to fund a retirement benefit equal to eighty percent (80%) of the annual salary of the Archbishop during the last year of his archiepiscopacy in the Greek Orthodox Archdiocese of America, which amount shall constitute the obligation of the Archdiocese", and,
WHEREAS, His Eminence Spyridon did, on August 18, 1999, withdraw from active service to the Greek Orthodox Archdiocese of America in concordance with a request by His All Holiness Bartholomew, the Ecumenical Patriarch of the Holy Orthodox Christian Church, and the Patriarchal Synod, and,
WHEREAS, it was the expressed wish, prior to said withdrawal, of His All Holiness Bartholomew and the Patriarchal Synod that His Spyridon should receive said pension as a collateral benefit of his attornment to the Patriarchal request, and,
WHEREAS, from and after His Eminence Spyridon's withdrawal from active service, the Archdiocese continued payment of full salary and benefits to His Eminence Spyridon until March, 2000, which this Executive Committee determines constitutes a payment of severance to His Eminence Spyridon, and,
WHEREAS,the Archdiocese has not yet commenced the payment for the monthly pension benefit which this Executive Committee has determined His Eminence Spyridon is fully and unconditionally entitled to receive, and,
WHEREAS, His Eminence Spyridon's annual salary during the last year of his archiepiscopacy was $140,000 per annum for purposes of the determination of this retirement benefit, and,
WHEREAS, on August 5, 1999, this Executive Committee created and funded an irrevocable Grantor's Trust to insure that a part of the funds would be available towards the unfunded liability of the Bishops' Supplemental Retirement Plan, and,
WHEREAS, Mr. Michael G. Cantonis and the Michael G. Cantonis Foundation, Inc., donors of certain specific conditional gifts (the "Cantonis Gifts") to the Archdiocese, whose conditions the Archdiocese has failed to timely meet, have directed, in lieu thereof, that these gifts be utilized in full as a contribution to the irrevocable Grantor's Trust established for the exclusive funding of the Bishops' Supplemental Retirement Plan,
NOW, THEREFORE, by the Executive Committee of the Archdiocesan Council, acting as the Broad of Trusts of the Greek Orthodox Archdiocese of America, at this meeting dully noticed and called to order by His Eminence Archbishop Demetrios on May 2, 2000 and adjourned "sine die" until this date, it is hereby
RESOLVED, that the Director of Finance of the Greek Orthodox Archdiocese of America be and he is hereby directed, empowered and ordered to take all such action necessary in order to effectuate within seven days of the date hereof the payment and delivery to His Eminence Spyridon of the full amount of all pension benefits due to him, consistent with the June 15, 1999 Resolution, for the period commencing April 1, 2000 to the present date, and continuing hereafter on a monthly basis until his death, all such pension benefits calculated on the basis of 80% of $140,000 per annum, and it is further,
RESOLVED, that the Director of Finance of the Greek Orthodox Archdiocese of America be and he is hereby directed, empowered and ordered to take all steps necessary, including but not limited to securing the execution of necessary documents by two signatories who are Officers and Members of this Executive Committee, to effectuate the transfer of the sums herein designated as the Cantonis Gifts residing in Account CW-18945 at Paine Webber Incorporated, Clearwater, Florida whose value at the close of market on June 8, 2000 is $769,741.14 and the other sum of $170,000.00 plus interest earned since received into a restricted account by the Greek Orthodox Archdiocese of America on December 30, 1997, totaling $939,741.14 plus interest or appreciation earned on the $170,000.00 so that all of these sums are transferred to said Grantor's Trust within two business days after the commencement and payment to date of all pension monies due His Eminence Spyridon, and it is further,
RESOLVED, that the Greek Orthodox Archdiocese of America, in accordance with the directions of Michael G. Cantonis Foundation, Inc. be and it is hereby empowered and directed to receive, accept and apply these donations in the amount of Nine Hundred Thirty Nine Thousand Seven Hundred Forty One Dollars and Fourteen Cents plus accrued interest ($939,741.14 plus interest) from Michael G. Cantonis and the Michael G. Cantonis Foundation, Inc. for the sole and exclusive purpose of funding the Bishops' Supplemental Retirement Plan, pursuant to and subject to the foregoing resolutions, and it is further,
RESOLVED, that the Director of Finance of the Greek Orthodox Archdiocese is hereby directed to report the successful implementation of these resolutions or the status thereof to the executive committee in writing not later than ten (10) days following the adoption of this resolution.
Adopted on June 9, 2000 by the Executive Committee of the Archdiocesan Council of the Greek Orthodox Archdiocese of America during its duly noticed and continued Meeting.
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From posting: "Michael Cantonis' Correspondence with Goa and the Ecumenical Patriarchate"
June 9, 2000 ]