The Pension Plan for Clergymen
and Lay Employees of the Greek
Orthodox Archdiocese of America
Financial Statements
and Supplementary Information
Years Ended December 31, 2022 and 2021

The report accompanying these financial statements was issued by
BDO USA, P.C., a Virginia professional corporation, and the U.S. member of
BDO International Limited, a UK company limited by guarantee.

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Financial Statements and Supplementary Information
Years Ended December 31, 2022 and 2021

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Contents

Independent Auditor’s Report

3-5

Financial Statements
Statements of Net Assets Available for Benefits
as of December 31, 2022 and 2021

6Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 2022 and 2021

7

Notes to Financial Statements

8-16

Supplementary Information
Schedules of Contributions, Benefits, and Administrative Expenses of the Benefits Officefor the Years Ended December 31, 2022 and 2021

18

Note to Schedules of Contributions, Benefits, and Administrative Expensesof the Benefits Office192

Tel: 212-885-8000
Fax: 212-697-1299
www.bdo.com

BDO
200 Park Avenue
New York, NY 10166
USA

Independent Auditor’s Report
The Archdiocese Benefits Committee
Greek Orthodox Archdiocese of America
New York, New York
OpinionWe have audited the financial statements of The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America (the Plan), an employee benefit plan. The financial
statements comprise the statements of net assets available for benefits as of December 31, 2022
and 2021, and the related statements of changes in net assets available for benefits for the years
then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, thenet assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes
in its net assets available for benefits for the years then ended, in accordance with accounting
principles generally accepted in the United States of America (GAAP).
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the UnitedStates of America (GAAS). Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of the Plan and to meet our other ethical responsibilities, inaccordance with the relevant ethical requirements relating to our audits. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statementsin accordance with GAAP, and for the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of financial statements that are freefrom material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there areconditions or events, considered in the aggregate, that raise substantial doubt about the Plan’sability to continue as a going concern within one year after the date that the financial statements
are issued or available to be issued.

BDO USA, P.C., a Virginia professional corporation, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of theinternational BDO network of independent member firms.
BDO is the brand name for the BDO network and for each of the BDO Member Firms.

3

Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as awhole are free from material misstatement, whether due to fraud or error, and to issue anauditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but
is not absolute assurance and therefore is not a guarantee that an audit conducted in accordancewith GAAS will always detect a material misstatement when it exists. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override ofinternal control. Misstatements are considered material if, there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user
based on the financial statements.
In performing an audit in accordance with GAAS, we:

Exercise professional judgment and maintain professional skepticism throughout theaudit.



Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, and design and perform audit procedures responsive tothose risks. Such procedures include examining, on a test basis, evidence regarding theamounts and disclosures in the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Plan’s internal control. Accordingly, nosuch opinion is expressed.



Evaluate the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.

Conclude whether, in our judgment, there are conditions or events, considered in theaggregate, that raise substantial doubt about the Plan’s ability to continue as a going
concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among othermatters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.

4

Other Matter – Supplementary Information
Our audits of the financial statements were conducted for the purpose of forming an opinion on
those statements as a whole. The accompanying schedules of contributions, benefits andadministrative expenses of the Benefits Office for the years ended December 31, 2022 and 2021
are presented for purposes of additional analysis and are not required parts of the financial
statements. The schedules of contributions, benefits and administrative expenses of the Benefits
Office are the responsibility of management and were derived from and relate directly to theunderlying accounting and other records used to prepare the financial statements. The schedulesof contributions, benefits and administrative expenses of the Benefits Office have been subjectedto the auditing procedures applied in the audits of the financial statements and to certain
additional procedures, including comparing and reconciling such information directly to theunderlying accounting and other records used to prepare the financial statements or to thefinancial statements themselves, and to other additional procedures, in accordance with GAAS.
In our opinion, the schedules of contributions, benefits and administrative expenses of the
Benefits office are fairly stated in all material respects in relation to the financial statements as
a whole.

January 17, 2024

5

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Statements of Net Assets Available for Benefits

December 31,

2022

2021

AssetsInvestments, at fair value
Cash and cash equivalents$

Total Assets
Liabilities
Due to related plan
Accounts payable and other liabilities
Net Assets Available for Benefits$

68,211,140
585,578$

81,555,291
29,412

68,796,718

81,584,703

160,179

129,784
147,405

68,636,539$

81,307,514

See accompanying notes to financial statements.

6

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Statements of Changes in Net Assets Available for Benefits

Year ended December 31,

2022

Additions
Investment (loss) income:Net realized and unrealized (loss) gain on investments
Interest and dividend income$ (15,028,362)
1,599,576

Net Investment (Loss) Income

2021

$

4,277,664
4,544,090(13,428,786)

8,821,754

Contributions from retirement plan participantsContributions from Archdiocese, parishes, and affiliates
Donations2,222,622
6,495,557
897,873

2,093,356
6,016,513
876,600

Total Additions, net of investment (loss) income(3,812,734)

17,808,223

Deductions
Benefits paid to retired participants
Consulting fees – actuarial and custodial services
Consulting fees – other
Legal expense
Office expense
Meals
Hotel expense
Travel expense
Excess participant contribution
Other expenses

8,287,540
448,939
82,2643,000
10,601
1,479
16,761
3,995
988
2,674

7,972,524
602,279
104,579
40,93911,607
8,295
2,521
23,445
2,698

Total Deductions

8,858,241

8,768,887

Net (Decrease) Increase(12,670,975)

9,039,336

Net Assets Available for Benefits, beginning of year

81,307,514

72,268,178$

Net Assets Available for Benefits, end of year

68,636,539$

81,307,514

See accompanying notes to financial statements.

7

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements

1. Description of the Pension Plan
GeneralThe following description of The Pension Plan for Clergymen and Lay Employees of the Greek
Orthodox Archdiocese of America (the Plan or the Pension Plan) is provided for general information
purposes only. Participants should refer to the Plan document and the Archdiocese Benefits Officeat the Greek Orthodox Archdiocese of America (the Archdiocese) for complete information. The
Plan is a contributory defined benefit pension plan that was adopted in 1973. The Plan covers the
majority of clergymen and lay employees of the Archdiocese, inclusive of Metropolises, Direct
Archdiocesan District of the Greek Orthodox Archdiocese of America, parishes, and the employeesof the participating affiliated organizations (Hellenic College, Inc.; The Archbishop Iakovos Leadership
100 Endowment Fund, Inc.; and the Greek Orthodox Ladies Philoptochos Society, Inc.). The Plan
document was restated on January 1, 2017 and Plan features were amended during 2017 and 2021.
The Plan is administered by the Archdiocese Benefits Committee (the ABC).
Eligibility
Lay employees become eligible for participation upon commencement of employment. Clergy
become eligible for participation following the date of ordination and assignment.
Pension Benefits and Vesting
The Plan provides for 100% vesting after five years of service. Amounts voluntarily withheld from
employees’ compensation and contributed by them are fully refunded, along with accrued interestat rates specified by the Plan if such employee terminates from service prior to 100% vesting.
Benefits for participants retiring at normal (age 65), early, or delayed retirement age, or fordisability and death benefits, are calculated as set forth in the Plan. Minimum participant andsurvivor benefits are not payable if a participant makes late personal contributions for
six consecutive months.
Joint and survivor contingent annuity factors are as follows:A participant who elects for their survivor to receive 100% of the pension benefit that they
are receiving will receive 83% of their pension benefit while alive.

A participant who elects for their survivor to receive 50% of the pension benefit that they
are receiving will receive 91% of their pension benefit while alive.

Participant Contributions
A participant may voluntarily elect to make contributions in an amount equal to 3.5%, 5.0%, or 6.5%of earnings for the years ended December 31, 2022 and 2021, in accordance with the rules
established by the ABC. Active employees’ accumulated contributions with interest at
December 31, 2022 and 2021 were $60,378,948 and $51,660,769, respectively. The aggregate of aparticipant’s contributions compounded annually at the rate of 5% per annum for years prior to
January 1, 1997, and thereafter, at a rate of 120% of the federal mid-term rate in effect on the firstday of each Plan year and ending on the determination date and the interest rate under Internal
Revenue Code (IRC) Section 417(e)(3) for the period beginning on the determination date and ending
8

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statementson the date the participant attains normal retirement date, as defined in the Plan document,
credited to the earlier of (i) the date on which payments of benefits commence or (ii) the date on
which such accumulated contributions, shall otherwise be payable pursuant to the applicableprovisions of the Plan.

2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements have been prepared in conformity with accounting principles
generally accepted in the United States of America (GAAP) using the accrual basis of accounting.
Cash and Cash Equivalents
The Plan considers all highly liquid instruments purchased with a maturity of three months or lessto be cash equivalents. The financial instruments that potentially subject the Plan to concentrationof credit risk consist primarily of cash and cash equivalents. At various times, the Plan has cash
deposits at financial institutions that exceed the Federal Deposit Insurance Corporation (FDIC) limit.
These financial institutions have strong credit ratings; therefore, Plan management believes the risk
related to these accounts is minimal.
Cash held within the investment account is also recorded on the statements of net assets available
for benefits.
Investment Valuation and Income Recognition
The Plan’s investments are reported at fair value. Fair value is the price that would be received tosell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. See Note 7 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded,
as earned, on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation
includes the Plan’s gains and losses on investments bought and sold, as well as held during the year.
Donations
Donated goods and services are recognized at the fair values at the dates of donation. The Plan
received $897,873 and $876,600 in donations from various sources to improve its funding status in
2022 and 2021, respectively.
Due to Related Plan
As of December 31, 2022 and 2021, the Plan had $0 and $129,784, respectively, of liability to theArchdiocese’s Joint Orthodox Health Plan and is included in the due to related plan on the statementof net assets available for benefits.
Administrative Expenses
Administrative expenses are the responsibility of the Plan. All expense amounts recorded on thestatements of changes in net assets are deemed attributable to the Plan.
9

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements

Benefits Paid to Retired Participants
Benefits paid to retired participants are recorded when paid.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to makeestimates and assumptions that affect the reported amounts of assets, liabilities, revenues,
expenses, and changes therein; disclosure of contingent assets and liabilities; and the actuarial
present value of accumulated Plan benefits at the date of the financial statements and changes
therein and other disclosures during the reporting period. Actual results could differ from thoseestimates.
Actuarial Present Value of Accumulated Plan Benefits
The actuarial present value of accumulated Plan benefits is the present value of expected future
payments for benefits to Plan participants that have been accrued as of the valuation date.
Accumulated benefits include amounts expected to be paid to a) retired or terminated participantsor their beneficiaries, b) beneficiaries of vested participants who have died, and c) present
participants or their beneficiaries. The actuarial present value of accumulated Plan benefits as ofJanuary 1, 2022 is determined by an actuary and is that amount that results from applying actuarial
assumptions to adjust the accumulated Plan benefits to reflect the time value of money (throughdiscounts for interest) and the probability of payment (by means of decrements, such as for death,disability, withdrawal, or retirement) between the valuation date and the expected date of payment.
Significant assumptions underlying accumulated Plan benefits as of January 1, 2022 are as follows:
Actuarial cost method
Rate of investment return
Mortality
Employee turnover rates
developed based on
industry averages
Retirement age - active

Retirement age - vested
terminatedInterest on employee
contributions

Unit credit cost method
5.5% compounded annually
PRI-2012 base table projected with generational mortality
improvements using MP-2021 and MP-2020 in 2022 and 2021,
respectively

Attained AgeRetiring in Plan Year (%)

Under 62
62–64
65-68
69
70 and above

5
15
30
100

Age 65 or attained age, if later
Interest on employee contributions is 1.57% and 0.62% for 2022 and
2021, respectively

10The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements

These actuarial assumptions are based on the presumption that the Plan will continue. Were thePlan to terminate, different actuarial assumptions and other factors might be applicable indetermining the actuarial present value of accumulated Plan benefits. The computations of theactuarial present value of accumulated plan benefits were made as of January 1, 2022. Had thevaluations been performed as of December 31, 2021 there would be no material differences.

3. Funding Policy
The Archdiocese maintains a Church Plan; as such, the Plan is not subject to the Employee
Retirement Income Security Act of 1974 (ERISA). It is the intention of the Archdiocese and theparticipating affiliated organizations to fund the Plan in accordance with the initial minimum
standards of ERISA, as originally enacted, as if such standards were applicable to the Plan.
Consequently, amendments to ERISA after 1974 have not been taken into account. The Archdioceseis only under obligation to make contributions under the Plan in the event of a Plan termination as
further described in the plan document. Prior to January 1, 2021, contributions from theArchdiocese, parishes, and affiliates were $700 per active participant per month. Beginning
January 1, 2021, these contributions are allocated to each Metropolis based on the unfundedliability and expected future liability of the clergy members of each Metropolis. Once allocated to
the Metropolises, each Metropolis can choose how they’d like to allocate the contributions among
each Parish. If a Parish is unable to pay, the Metropolis is ultimately responsible for that Parish’s
portion of the contribution. These contributions are allocated first to cover ancillary benefit costs
and expenses of the Benefits Office. The remainder of such contributions are remitted to thePension Plan. Contributions are used to cover benefits and general and administrative expenses.
The Archdiocese, parishes, and affiliates contributed $6,495,557 and $6,016,513 to the Plan in 2022
and 2021, respectively. Personal pension contributions from participating clergy and lay employees
are equal to 3.5%, 5%, or 6.5% of earnings in 2022 and 2021. This contribution is credited to thespecific participant’s account, earns interest, and is reported separately on the individual’s annual
retirement Plan benefits statements, which are provided in the summer of each year for the previous
year. The amounts that are due from parishes to the Plan as of December 31, 2022 and 2021 are$3,479,067 and $3,472,893, respectively, which are fully reserved based on historical collection
experience and uncertainty of collection of such amounts. They have not been recorded as areceivable in the accompanying financial statements.

4. Risks and Uncertainties
Investment securities, in general, are exposed to various risks, such as interest rate, credit, andoverall market volatility risks. Due to the level of risk associated with such investment securities, it
is reasonably possible that changes in the valuation of investment securities will occur in thenear-term and that such changes could materially affect the amounts reported in the statements of
net assets available for benefits. One investment comprised approximately 25% and 26% of the total
net assets available for benefits as of December 31, 2022 and 2021, respectively.
Plan contributions are made, and the actuarial present value of accumulated Plan benefits isreported, based on certain assumptions pertaining to interest rates, inflation rates, and employee
demographics, all of which are subject to change. Due to uncertainties inherent in the estimations
and assumptions process, it is at least reasonably possible that changes in these estimates andassumptions in the near-term would-be material to the financial statements.

11

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements

5. Plan Termination
Although no intention to terminate the Plan has been expressed, the Plan may be terminated at any
time by the Archdiocesan Council, at which time the Archdiocesan Council and the ABC would enter
into an agreement for the funding of Plan’s obligations in accordance with the provisions of thePlan. The ABC may amend or modify, from time-to-time, any or all provisions of the Plan, provided
that the Plan assets cannot be diverted for purposes other than providing benefits to Plan
participants or to deprive a Plan participant of any accrued benefit, except as provided by the IRC.

6. Accumulated Plan Benefits
The actuarial present value of accumulated Plan benefits is presented below:
December 31, 2021
Actuarial Present Value of Accumulated Plan Benefits
Vested benefits:
Participants currently receiving payments
Other participants$

73,240,334
65,562,515

Total Vested Benefits

138,802,849

Non-vested benefits

2,268,665

Total Actuarial Present Value of Accumulated Plan Benefits$

141,071,514

The net increase in the Plan’s actuarial present value of accumulated Plan benefits was $4,564,367
as of January 1, 2022. Increases were attributable to:Year ended December 31, 2021
Actuarial Present Value of Accumulated Plan Benefits, beginning of year$

136,507,147

Changes in actuarial assumptions
Benefits accumulated, including losses (gains)
Benefits paid
Interest

367,922
5,213,611(8,287,540)
7,270,374

Net Increase

4,564,367

Actuarial Present Value of Accumulated Plan Benefits, end of year$

141,071,514

As of December 31, 2021, the net assets available for benefits and the actuarial present value ofaccumulated benefits of the Plan amounted to $68,649,312 and $141,071,514, respectively,
resulting in a shortfall of $72,422,202.
The computations of the actuarial present value of accumulated plan benefits were made as ofJanuary 1, 2022. Had the valuations been performed as of December 31, 2021 there would be nomaterial differences.

12

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements

7. Fair Value Measurements
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs tovaluation techniques used to measure fair value. The hierarchy gives the highest priority tounadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements).
The three levels of the fair value hierarchy under Accounting Standards Codification (ASC) 820 are
as described as follows:
Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or
liabilities in active markets that the Plan has the ability to access.
Level 2 – Inputs to the valuation methodology include:•

Quoted prices for similar assets or liabilities in active markets.

•

Quoted prices for identical or similar assets or liabilities in inactive markets.

•

Inputs other than quoted prices that are observable for the asset or liability.

•

Inputs that are derived principally from or corroborated by observable market data bycorrelation or other means.

If the asset or liability has a specified (contractual) term, then the Level 2 input must be observablefor substantially the full term of the asset or liability.
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value
measurement.
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on
the lowest level of any input that is significant to the fair value measurement. Valuation techniques
used need to maximize the use of relevant observable inputs and minimize the use of unobservable
inputs. Observable inputs are inputs that reflect the assumptions market participants would use inpricing the asset or liability developed based on market data obtained from sources independent of
the Plan. Unobservable inputs are inputs that reflect the Plan’s own assumptions about theassumptions market participants would use in pricing the asset or liability developed based on thebest information available in the circumstances.
Changes in economic conditions or valuation techniques may require the transfer of financial
instruments from one fair value level to another. In such instances, the transfer is reported at the
beginning of the reporting period. Plan management evaluated the significance of transfers between
levels based upon the nature of the financial instrument and size of the transfer relative to total
net assets available for benefits. There were no significant transfers in or out of Levels 1, 2, or 3
for the years ended December 31, 2022 and 2021.
The Plan follows guidance on measuring the fair value of certain investments, which offers investors
a practical expedient for measuring the fair value of investments in certain entities that calculate
net asset value (NAV). Under this practical expedient, entities are permitted to use NAV without
adjustment for certain investments that: (a) do not have a readily determinable fair value and(b) prepare their financial statements consistent with the measurement principles of an investment
13

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements

company or have the attributes of an investment company. Additionally, the Plan follows guidance
that removes the requirement to categorize, within the fair value hierarchy, all investments forwhich the fair value is measured using NAV.
Following is a description of the valuation methodologies used for assets measured at fair value.
There have been no changes in the methodologies used at December 31, 2022 and 2021.
Common/Collective Trust Funds – Common/collective trust funds are valued at NAV as a practical
expedient, which is calculated by the investment manager or sponsor of the Plan based on the fairvalue of the underlying assets of each fund less liabilities. The practical expedient is not used when
it is determined to be probable that the Plan will sell the investment for an amount different than
the reported NAV.
Money Market Funds – Money market funds are valued at the closing price reported on the active
market on which the individual investments are traded (Level 1).
The methods described above may produce a fair value calculation that may not be indicative of
net realizable value or reflective of future fair values. While Plan management believes its valuation
methods are appropriate and consistent with other market participants, the use of different
methodologies or assumptions to determine the fair value of certain financial instruments could
result in a different fair value measurement at the reporting date.
The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value:
December 31, 2022
Level 1
Money market funds$

1,138,179

Level 2$-

Level 3
$

-

Total
$

Investments, valued at NAV*

1,138,179
67,072,961

Total, at fair value$

68,211,140

December 31, 2021
Level 1
Money market funds$

938,789

Level 2$-

Level 3
$

-

Total
$

Investments, valued at NAV*

938,789
80,616,502

Total, at fair value$

81,555,291* Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical
expedient have not been categorized in the fair value hierarchy. The fair value amounts presented inthese tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented
in the statements of net assets available for benefits.

14

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements

The following table sets forth a summary of the Plan’s investments with a reported NAV:
Fair Value at Fair Value at
December
December31, 2022
31, 2021
SSGA USS AGG Bond Index
SSGA Russell All-Cap (R) Index
NL SF
Mercer Emg Mkts Equity Y3(a)Core Opportunities Fi FD Cl Y3(b)MGI Non-U.S. Core Equity Y3(c)Mercer Global Low-Vol Eq Y3(d)Mercer Opport Fixd-Inc Y3(e)Real Asset NL Series Class A
Prisa Real Estate Fund
SSGA Global REIT Index
State Street BK+TR CO IVT
Mutual FundTotal

$ 5,563,304 $ 3,511,135 $Redemption
NoticePeriod(Days)

Redemption
Frequency

Other
Redemption
Restrictions

-

Daily

None

1

UnfundedCommitment

16,827,804
4,180,676
5,583,942
9,139,199
7,031,707
5,389,895
3,343,262
4,801,623-

21,253,407
4,600,250
9,120,535
10,803,185
17,028,930
5,920,368
2,481,020

-

Daily
Daily
Daily
Daily
Daily
Daily
Daily
Daily
Daily

None
None
None
None
None
None
None
None
None

1
1
1
1
1
1
1
1
1

5,211,549

5,897,672

-

Daily

None

1

$ 67,072,961 $ 80,616,502 $-(a)

The Fund invests principally in equity securities of large, medium, and small capitalization companies
located in emerging markets and other investments that are tied economically to emerging markets, aswell as in American, European, and Global Depository receipts. Stock index futures and various types ofswaps may be used to implement the country selection component of the Fund’s investment strategy.
Currency forwards may be used to make stock-selection and country-allocation decisions independentlyof the underlying currency.

(b)

The Fund invests principally in fixed-income securities of U.S. and non-U.S. issuers, including those inemerging and frontier markets. The Fund invests in various strategic and tactical global bond market
opportunities without limitations in geography, issuer type, quality, and currency denomination. The Fundmay invest in derivatives, such as futures (including, among others, interest rate futures and swaps(currency, interest rate, credit default and total return)); forwards; options; and credit-linked notes. The
Fund may engage in transactions in derivatives for a variety of purposes, including hedging, risk
management, efficient portfolio management, enhancing total returns, or as a substitute for taking
position in the underlying asset.

(c)

The Fund invests principally in equity securities issued by non-U.S. companies of any capitalization,
located in the world’s developed and emerging capital markets.

(d)

The Fund invests principally in equity securities of U.S. and foreign issuers of large, medium, and small
capitalization companies. Stock index futures and various types of swaps may be used to implement theequity security selection component of the Fund’s investment strategy. Currency forwards may be used
to make stock-selection and country-allocation decisions independently of the underlying currency.

(e)

The Fund invests principally in fixed-income securities of U.S. and non-U.S. issuers, including those inemerging and frontier markets. The Fund invests in various strategic and tactical global bond market
opportunities without limitations in geography, issuer type, quality, and currency denomination. The Fundmay invest in derivatives, such as futures (including, among others, interest rate futures and swaps(currency, interest rate, credit default, and total return)); forwards; options; and credit-linked notes. The
Fund may engage in transactions in derivatives for a variety of purposes, including hedging, risk
management, efficient portfolio management, enhancing total returns, or as a substitute for taking
position in the underlying asset.

15

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements

8. Transactions with Related Parties
The Plan is administrated by the ABC. The Plan incurred administrative expenses related to ABC
meeting expenses for hotels, meals, and travel totaling $22,235 and $10,816 in 2022 and 2021,
respectively.

9. Tax Status
The Internal Revenue Service (IRS) has determined and informed the Plan’s management by a letter
dated February 13, 2018 that the Plan is designed in accordance with applicable sections of the IRC
and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required tooperate in conformity with the IRC to maintain its qualification. Although the Plan has been
amended and restated since receiving the determination letter, the Plan’s management believes
the Plan is designed, and is currently being operated in compliance with, the applicable requirementsof the IRC.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax
liability if the Plan has taken an uncertain position that more likely than not would not be sustained
upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by thePlan, and has concluded that as of December 31, 2022 and 2021, there are no uncertain positions
taken or expected to be taken that would require recognition of a liability or disclosure in thefinancial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there
are currently no audits for any tax periods in progress.

10. Subsequent Events
The Plan evaluated its subsequent events through January 17, 2024, the date the financial
statements were available to be issued. The Plan is not aware of any subsequent events that would
require recognition or disclosure in the financial statements.

16

Supplementary Information

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Schedules of Contributions, Benefits, and Administrative Expensesof the Benefits Office
Year ended December 31,

2022

Funds Received by the Benefits OfficeContributions from the Archdiocese, parishes, andaffiliates and donations
Contributions from retirement plan participants$

8,757,664
2,222,622

2021$

8,139,583
2,093,356

Total Funds Received by the Benefits Office

10,980,286

10,232,939

Disbursement of Funds for BenefitsLife insurance premiums and consulting fees
Health expenses and other958,379
15,012

842,136
21,654

Total Disbursement of Funds for Benefits

973,391

863,790

Disbursement of Funds for Administration
Salaries and benefits

390,843

382,680

Total Disbursement of Funds for Administration

390,843

382,680

Remaining Funds Contributed to Pension Plan$

9,616,052$

8,986,469

Net Contributions from the Archdiocese, Parishes,and Affiliates and Donations$

7,393,430$

6,893,113

Contributions from Retirement Plan Participants
Total Gross Contribution to Pension Plan

2,222,622$

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9,616,052

2,093,356$

8,986,469

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Note to Schedules of Contributions, Benefits, and Administrative Expensesof the Benefits Office
The schedules of contributions, benefits, and administrative expenses of the Benefits Officerepresent the activities of the Benefits Office in administering the Plan and ancillary benefits
provided to Plan participants and the funding thereof. Contributions from the Archdiocese, parishes,
and affiliates are allocated first to cover ancillary benefit costs and the costs of the Benefits Office,with the remainder of such contributions being contributed to the Pension Plan.

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