The Pension Plan for Clergymen
and Lay Employees of the Greek
Orthodox Archdiocese of America
Financial Statements
and Supplementary Information

For the Years Ended December 31, 2017 and 2016

The report accompanying these financial statements was issued by
BDO USA, LLP, a Delaware limited liability partnership 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
For the Years Ended December 31, 2017 and 2016

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Contents
3-4

Independent Auditor’s Report
Financial Statements
Statements of Net Assets Available for Benefits
as of December 31, 2017 and 2016

5

Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 2017 and 2016

6Notes to Financial Statements

7-16

Supplementary Information
Schedule of Contributions, Benefits and Administrative Expenses of the Benefits Officefor the Year Ended December 31, 201718

Note to the Schedule of Contributions, Benefits and Administrative
Expenses of the Benefits Office192

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

622 Third Avenue, 31st Floor
New York, NY 10017

Independent Auditor’s Report
The Archdiocese Benefits Committee of the
Greek Orthodox Archdiocese of America
New York, New YorkWe have audited the accompanying financial statements of The Pension Plan for Clergymen and
Lay Employees of the Greek Orthodox Archdiocese of America (the Plan), which comprise thestatements of net assets available for benefits as of December 31, 2017 and the related
statements of changes in net assets available for benefits for the year then ended, and the related
notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statementsin accordance with accounting principles generally accepted in the United States of America; thisincludes the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibility on the 2017 Financial Statements
Our responsibility is to express an opinion on the 2017 financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of significant accounting estimates made bymanagement, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.

BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part ofthe international BDO network of independent member firms.
BDO is the brand name for the BDO network and for each of the BDO Member Firms.

3

Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects,
information regarding the net assets available for benefits of the Plan as of December 31, 2017and changes therein for the year then ended, in accordance with accounting principles generally
accepted in the United States of America.
Other Matters
Supplementary Information
Our audit of the financial statements was conducted for the purpose of forming an opinion on
those statements as a whole. The accompanying schedule of contributions, benefits andadministrative expenses of the Benefits Office presented on page 18 of this report is presented
for purposes of additional analysis and is not a required part of the financial statements. The
schedule of contributions, benefits and administrative expenses of the Benefits Office is the
responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the financial statements. The schedule ofcontributions, benefits and administrative expenses of the Benefits Office has been subjected tothe auditing procedures applied in the audit of the financial statements and to certain additional
procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the financial statements or to the financial
statements themselves, and to other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, schedule of contributions,benefits and administrative expenses of the Benefits Office is fairly stated in all material respects
in relation to the financial statements as a whole.
2016 Financial Statements
The financial statements of the Plan for the year ended December 31, 2016, were audited byother auditors, whose report dated March 26, 2019 expressed an unmodified opinion on thosestatements.

July 29, 2020

4

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Statements of Net Assets Available for Benefits
2016

2017

December 31,
AssetsInvestments, at fair value
Due from the Archdiocese
Participant contribution receivable$

61,183,571
617,774
23,076$53,006,299
500,000-

Net Assets Available for Benefits$

61,824,421$

53,506,299

See accompanying notes to financial statements.

5

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Statements of Changes in Net Assets Available for Benefits
2016

2017

Year ended December 31,
Additions
Investment income:Net realized and unrealized gains on investments
Interest and dividend income$

7,775,055
1,857,550$

1,530,671
655,799

9,632,605

2,186,470

Contributions from retirement plan participants

1,904,714

1,710,680

Contributions from Archdiocese, parishes and affiliates

4,039,091

4,753,675

Total Additions

15,576,410

8,650,825

Deductions
Benefits paid to retired participants
Pension plan expenses

6,615,752
642,536

6,605,822
361,308

Total Deductions

7,258,288

6,967,130

Change in Net Assets

8,318,122

1,683,695

Net Assets Available for Benefits, beginning of year

53,506,299

51,822,604

Net Investment Income

Net Assets Available for Benefits, end of year$

61,824,421$

53,506,299

See accompanying notes to financial statements.

6

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, Metropolises and the employees ofparticipating affiliated organizations. The Plan document was restated January 1, 2017 and Planfeatures were amended during 2017.
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. The retirement income orsurvivor benefit shall be increased by 5% for each participant actively employed who is making
contributions to the Plan and each participant, joint annuitant, and beneficiary who was receiving
retirement income or survivor benefits. Minimum participant and survivor 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% to 5% of
earnings in accordance with the rules established by the ABC. Active employees’ accumulated
contributions with interest at December 31, 2017 and 2016 were $32,672,626 and $25,152,493,
respectively. The aggregate of a participant’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 midterm rate in effect on the first day of each Plan year and ending on the determination date and theinterest rate under Code Section 417(e)(3) for the period beginning on the determination date andending on the date the participant attains Normal Retirement Date, as defined in the Plan
7

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
document, credited to the earlier of (i) the date on which payments of benefits commence or (ii) thedate 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 (U.S. GAAP) using the accrual basis ofaccounting.
Cash and Cash Equivalents
The Plan considers all highly liquid investments with an original maturity of three months or less,at the time of purchase, to be cash equivalents.
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 8 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(depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held
during the year.
Administrative Expenses
Administrative expenses are the responsibility of the Plan. The following table sets forth a detail ofthe administrative expenses for the year ended December 31, 2017.
Legal fees
Consulting fees – actuarial and custodial services
Consulting fees – other
Office expense
Printing
Hotel expense
Meals
Travel expense
Excess participant contribution
NYLM exit fee
Other expenses$

32,821
425,419
39,815
8,433
950
9,989
5,806
11,5904,390
97,337
5,986

Total Administrative Expenses$

642,5368

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 U.S. GAAP requires management to makeestimates and assumptions that affect the reported amounts of assets, liabilities, revenues,
expenses 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 which 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, 2017 is determined by an actuary and is that amount which 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 ofpayment.
Significant assumptions underlying accumulated plan benefits as of January 1, 2017 are as follows:
Actuarial cost method
Rate of investment return
Mortality

Aggregate cost method
7% compounded annually
MRP-2006 base table projected with generational mortality improvements
using MP-2017 in 2017 and the MP-2016 mortality improvement scale in 2016

Employee turnover rates
developed based on industry
averages
Retirement age - active

Retirement age - vested
terminatedInterest on employee
contributions

Attained Age
Under 62
62-64
65
66-69
70 and above

Retiring in Plan Year (%)
0
10
30
20
100

Age 65 or attained age, if later
Interest on employee contributions is to be credited at 120% of the
Applicable Federal Mid-Term Rate as of January of the Plan year

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.

9The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
3. Funding Policy
The Archdiocese maintains a Church Plan, as such, the Plan is not subject to the Employee
Retirement Income Security Act (ERISA). It is the intention of the Archdiocese and the participating
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. The Archdiocese is under noobligation to make contributions or to make any contributions under the Plan after the Plan is
terminated whether or not benefits accrued or vested prior to such date of termination have been
fully funded. Consequently, amendments to ERISA after 1974 have not been taken into account.
Contributions from the Archdiocese, parishes and affiliates are $650 per active participant permonth, which are allocated first to cover ancillary benefit costs and expenses of the Benefits Office.
The remainder of such contributions are remitted to the pension plan. Contributions are used tocover benefits and general and administrative expenses. The Archdiocese, parishes and affiliates
contributed $4,039,091 and $4,753,675 to the plan in 2017 and 2016, respectively. As of
December 31, 2017 and 2016, the plan has a receivable, in relation to the contribution, from theArchdiocese amounting to $617,774 and $500,000, respectively. Personal pension contributions fromparticipating clergy and lay employees are equal to 3.5% or 5% of earnings. This contribution iscredited to the specific participant’s account, earns interest, and is reported separately on theindividual’s annual retirement Plan benefits statements provided in the summer of each year forthe previous year. The amount that is due from parishes to the Plan as of December 31, 2017 and2016 are $3,334,823 and $3,051,650 respectively, which are fully reserved based on historicalcollection experience and uncertainty of collection of such amounts. They have not been recorded
as a receivable 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 the nearterm and such changes could materially affect the amounts reported in the statements of net assets
available for benefits. One investment comprised approximately 40% and 43% of the total net assets
available for benefits as of December 31, 2017 and 2016.
Plan contributions are made and the actuarial present value of accumulated Plan benefits arereported 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.

5. Plan Termination and Amendment
Although no intention to terminate the Plan has been expressed, the Plan may be terminated at any
time by the ABC, at which time the assets of the Plan would be liquidated, allocated and distributedin accordance with the provisions of the Plan. 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 otherthan providing benefits to Plan participants or deprive a Plan participant of any accrued benefit
except as provided by the Internal Revenue Code (IRC). An amendment to the Plan would not
require termination of the Plan.

10

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
6. Accumulated Plan Benefits
The actuarial present value of accumulated Plan benefits are presented below:
January 1, 2017
Actuarial Present Value of Accumulated Plan Benefits
Vested benefits
Participants currently receiving payments
Other participants$

52,261,310
53,658,577

Total Vested Benefits

105,919,887

Non-vested benefits

2,719,681

Total Actuarial Present Value of Accumulated Plan Benefits$

108,639,568

The net increase in the Plan's actuarial present value of accumulated Plan benefits was $3,710,178
as of January 1, 2017. Increases were attributable to:Year ended January 1, 2017
Actuarial Present Value of Accumulated Plan Benefits, beginning of year$

104,929,390

Changes in actuarial assumptions
Benefits accumulated, including (gains) losses
Benefits paid
Interest(703,748)
3,930,177(6,610,654)
7,094,403

Net Increase

3,710,178

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

108,639,568

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 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
11

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
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 forthe years ended December 31, 2017 and 2016.
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
NAV. Under this practical expedient, entities are permitted to use NAV without adjustment for
certain investments, which: (a) do not have a readily determinable fair value and (b) prepare theirfinancial statements consistent with the measurement principles of an investment company or havethe attributes of an investment company. Additionally, the Plan follows guidance that removes therequirement to categorize, within the fair value hierarchy, all investments for which 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, 2017 and 2016.
Common/Collective Trust Funds – These are valued at NAV as a practical expedient, which is
calculated by the investment manager or sponsor of the Fund based on the fair value of theunderlying assets of each fund less liabilities. The practical expedient is not used when it isdetermined to be probable that the Plan will sell the investment for an amount different than thereported NAV.
Money Market Funds – These are valued at the closing price reported on the active market on which
the individual investments are traded (Level 1).

12

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
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 fairvalue:
December 31, 2017
Level 1
Money market funds
Investments, valued at NAV$ 1,106,663-

Level 2$-

Level 3

Total-

$ 1,106,663
60,076,908$$ 61,183,571
December 31, 2016
Level 1
Money market funds
Investments, valued at NAV$ 2,129,863-

Level 2$-

Level 3

Total-

$ 2,129,863
50,876,436$$ 53,006,299

The remainder of this page intentionally left blank.

13

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
The following tables set forth a summary of the Plan’s investments with a reported NAV:
December 31, 2017
Fair Value Estimated Using Net Asset Value Per Share

Fair ValueSSGA Global REIT Index
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)$ 1,724,537
2,763,112

Total$ 60,076,908

Redemption
Frequency

Other
Redemption
Restrictions

Redemption
Notice Period(Days)

-

Daily
Daily

None
None

1
1

-

Daily
Daily
Daily
Daily
Daily
Daily

None
None
None
None
None
None

1
1
1
1
1
1

UnfundedCommitment$

24,729,015
3,848,223
7,209,967
12,213,210
4,630,977
2,957,867$-

December 31, 2016
Fair Value Estimated Using Net Asset Value Per Share

Fair ValueSSGA Global REIT Index
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)$ 1,413,794
2,446,108

Total$50,876,436

Redemption
Frequency

Other
Redemption
Restrictions

Redemption
Notice Period(Days)

-

Daily
Daily

None
None

1
1

-

Daily
Daily
Daily
Daily
Daily
Daily

None
None
None
None
None
None

1
1
1
1
1
1

UnfundedCommitment$

21,709,453
2,847,375
5,888,401
9,995,229
4,134,016
2,442,060$-(a) The Fund invests principally in equity securities of large, medium and small capitalization companies located inemerging markets and other investments that are tied economically to emerging markets, as well as in American,
European and Global Depository receipts. Stock index futures and various types of swaps 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 independently of the underlying currency.
(b) The Fund invests principally in fixed-income securities of U.S. and non-U.S. issuers, including those in emerging
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 Fund may invest in derivatives,
such as futures (including, among others, interest rate futures, swaps (currency, interest rate, credit default
and total return)), forwards, options, and credit-linked notes. The Fund may engage in transactions inderivatives for a variety of purposes, including hedging, risk management, efficient portfolio management,enhance 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.

14The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements(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 the equity
security selection component of the Fund’s investment strategy. Currency forwards may be used to make stockselection 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 in emerging
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 Fund may invest in derivatives,
such as futures (including, among others, interest rate futures, swaps (currency, interest rate, credit default
and total return)), forwards, options, and credit-linked notes. The Fund may engage in transactions inderivatives for a variety of purposes, including hedging, risk management, efficient portfolio management,enhance total returns, or as a substitute for taking position in the underlying asset.

8. Transactions with Related Parties
The Plan is administrated by the ABC. The Plan incurred administrative expenses related to ABC
meetings, totaling $27,385 and $23,162 in 2017 and 2016, respectively.

9. Tax Status
The Internal Revenue Service (IRS) has determined and informed the Plan’s management by a letter
dated March 1, 2013, 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.
U.S. 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 besustained upon examination by the IRS. The Plan administrator has analyzed the tax positions takenby the Plan, and has concluded that as of December 31, 2017 and 2016, there are no uncertain
positions taken or expected to be taken that would require recognition of a liability or disclosure in
the financial 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 December 31, 2017 financial statements for subsequent events throughJuly 29, 2020, the date the financial statements were available to be issued. The Plan is not awareof any subsequent events that would require recognition or disclosure in the financial statements.
On January 30, 2020, the World Health Organization (WHO) announced a global health emergency
because of a new strain of coronavirus originating in Wuhan, China (the COVID-19 outbreak) and therisks to the international community as the virus spreads globally beyond its point of origin. In
March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increasein exposure globally.

15

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. Thispandemic has adversely affected global economic activity and greatly contributed to significant
deterioration and instability in financial markets. However, because the values of the Plan’sinvestments have and will fluctuate in response to changing market conditions, the amount of losses
that will be recognized in subsequent periods, if any, cannot be determined. The value of the Plan’sinvestments has a direct impact on its funded status. The actual impact, if any, on the Plan cannot
be determined at this time.
On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic
Security (CARES) Act.” The CARES Act, among other things, includes several relief provisions
available to tax-qualified retirement plans and their participants. Plan management is evaluating
the relief provisions of the CARES Act.

16

Supplementary Information

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Schedule of Contributions, Benefits and Administrative Expensesof the Benefits Office
Year ended December 31, 2017
Funds Received by the Benefits OfficeContributions from the Archdiocese, parishes and affiliates
Participant contributions$

5,365,004
1,904,714

Total Funds Received by the Benefits Office7,269,718

Disbursement of Funds for BenefitsLife insurance premiums and consulting fees
Benevolence payments
Health expenses

962,418
50,0003,495

Total Disbursement of Funds for Benefits

1,015,913

Disbursement of Funds for Administration
Salaries
Office expense

307,000
3,000

Total Disbursement of Funds for Administration

310,000

Remaining Funds Contributed to Pension Plan$

5,943,805

Net Contribution from the Archdiocese, Parishes and Affiliates$

4,039,091
1,904,714

Participant Contributions$

Total Contribution to Pension Plan

18

5,943,805

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Note to the Schedule of Contributions, Benefits and Administrative Expensesof the Benefits Office
The schedule of contributions, benefits and administrative expenses of the Benefits Officerepresents 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.

19