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

Years Ended December 31, 2019 and 2018

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
Years Ended December 31, 2019 and 2018

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, 2019 and 20185

Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 2019 and 2018

6

Notes to Financial Statements

7-16

Supplementary Information
Schedules of Contributions, Benefits and Administrative Expenses of the Benefits Officefor the Years Ended December 31, 2019 and 201818

Note to the Schedules of Contributions, Benefits and Administrative Expensesof 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
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, 2019 and 2018 and the related
statements of changes in net assets available for benefits for the years then ended, and therelated 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
Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audits 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 Plan’s net assets available for benefits as of December 31, 2019, andchanges therein for the year then ended, and its financial status as of December 31, 2018, andchanges therein for the year then ended, in accordance with accounting principles generally
accepted in the United States of America.
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, 2019 and 2018
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 auditing
standards generally accepted in the United States of America. In our opinion, the schedules ofcontributions, benefits and administrative expenses of the Benefits Office are fairly stated in allmaterial respects in relation to the financial statements as a whole.

December 21, 2020

4

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Statements of Net Assets Available for Benefits
2018

2019

December 31,
AssetsInvestments, at fair value
CashParticipant contribution receivable
Contribution receivable from archdiocese,parishes and affilates$

Total Assets
Liabilities
Due to related plan
Net Assets Available for Benefits$

66,362,939
180,000
53,300$56,146,734
11,901

24,884-

66,621,123

56,158,635

193,877-

66,427,246$

56,158,635

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
2018

2019

Year ended December 31,
Additions
Investment income (loss):
Net realized and unrealized gain (loss) on investments
Interest and dividend income$

10,407,425
1,118,697$(5,242,372)
1,804,252

Net Investment Income (Loss)

11,526,122(3,438,120)

Contributions from retirement plan participantsContributions from Archdiocese, parishes and affiliates
Recordkeeper adjustment (Note 10)

2,113,813
4,338,537-

2,091,399
3,131,263(224,102)

Total Additions

17,978,472

1,560,440

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

7,273,394
347,501
18,57815,5282,214
13,878
9,162
29,606

6,745,747
301,467
100,549
7,414
14,692
1,750
12,592
16,22425,791

Total Deductions

7,709,861

7,226,226

Net Increase (Decrease)10,268,611(5,665,786)

Net Assets Available for Benefits, beginning of year

56,158,635

61,824,421

Net Assets Available for Benefits, end of year$

66,427,246$

56,158,635

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, Direct Archdiocesan
District of the Greek Orthodox Archdiocese of America, parishes and the employees of theparticipating 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.
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%, 5.0% or 6.5%of earnings for the years ended December 31, 2019 and December 31, 2018, in accordance with therules established by the ABC. Active employees’ accumulated contributions with interest at
December 31, 2019 and 2018 were $36,877,838 and $34,764,025, 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 first7

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
day 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 endingon 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 (U.S. GAAP) using the accrual basis ofaccounting.
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, the Plan management believes therisk 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(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.
Benefits Paid to Retired Participants
Benefits paid to retired participants are recorded when paid.

8

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
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 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, 2019 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, 2019 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
7% compounded annually
PRI-2012 base table projected with generational mortality improvements
using MP-2019 in 2019 and MRP-2006 base table projected withgenerational mortality improvements using MP-2018 in 2018

Attained AgeRetiring in Plan Year (%)

Under 62
62–64
65-68
69
70 and above

0
5
15
30
100

Age 65 or attained age, if later
Interest on employee contributions is 3.47% and 2.62% for 2019 and 2018,
respectively.

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 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. The
Archdiocese is under no obligation to make contributions or to make any contributions under thePlan 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 beentaken into account. Contributions from the Archdiocese, parishes and affiliates are $650 per active
participant per month, 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 to cover benefits and general and administrative expenses. The Archdiocese, parishes andaffiliates contributed $4,338,537 and $3,131,263 to the Plan in 2019 and 2018, respectively. As of
December 31, 2019 and 2018, the Plan has a receivable, in relation to the contribution, from theArchdiocese amounting to $24,884 and $0, respectively. Personal pension contributions fromparticipating clergy and lay employees are equal to 3.5%, 5.0% or 6.5% of earnings in 2019 and 2018.
This contribution is credited to the specific 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, 2019 and 2018 are $3,304,338 and $3,611,033 respectively, which are fully
reserved based on historical collection 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 31% and 30% of the total net assets
available for benefits as of December 31, 2019 and 2018, respectively.
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 to deprive a Plan participant of any accrued benefit,
except as provided by the IRC.

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 is presented below:
January 1, 2019
Actuarial Present Value of Accumulated Plan Benefits
Vested benefits:
Participants currently receiving payments
Other participants$

54,417,426
54,556,247

Total Vested Benefits

108,973,673

Non-vested benefits

2,301,920

Total Actuarial Present Value of Accumulated Plan Benefits$

111,275,593

The net decrease in the Plan's actuarial present value of accumulated Plan benefits was $1,141,901
as of January 1, 2019. Decreases were attributable to:Year ended January 1, 2019
Actuarial Present Value of Accumulated Plan Benefits, beginning of year$

112,417,494

Changes in actuarial assumptions
Benefits accumulated, including losses (gains)
Benefits paid
Interest(3,959,701)
1,950,100(6,745,747)
7,613,449

Net Decrease(1,141,901)

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

111,275,593

As of December 31, 2018, the net assets available for benefits and the actuarial present value ofaccumulated benefits of the Plan amounted to $56,158,635 and $111,275,593, respectively,
resulting in a shortfall of $55,116,958.

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.

11

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
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 forthe years ended December 31, 2019 and 2018.
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 investmentcompany 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, 2019 and 2018.
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 fair value of the underlying assets ofeach fund less liabilities. The practical expedient is not used when it is determined to be probablethat the Plan will sell the investment for an amount different than the reported NAV.
12

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
Money Market Funds
Money market funds are valued at the closing price reported on the active market on which theindividual 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, 2019
Level 1
Money market funds
Investments, valued at NAV*$

981,386

Level 2$-

Level 3$-

Total, at fair value

Total
$

981,386
65,381,553$

66,362,939

December 31, 2018
Level 1
Money market funds
Investments, valued at NAV*$

881,072

Level 2$

Total, at fair value-

Level 3
$

-

Total
$

881,072
55,265,662$

56,146,734*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.

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, 2019
Fair Value Estimated Using NAV per Share
Unfunded
Fair Value Commitment
SSGA Global REIT Index$ 2,116,952
SSGA USS AGG Bond Index
3,069,643
SSGA Russell All-Cap (R) Index
NL SF
20,656,700
Mercer Emg Mkts Equity Y3(a)4,129,746Core Opportunities Fi FD Cl Y3(b)7,553,160
MGI Non-U.S. Core Equity Y3(c)11,349,567
Mercer Global Low-Vol Eq Y3(d)8,466,621
Mercer Opport Fixd-Inc Y3(e)3,038,703
State Street BK+TR CO IVT
Mutual Fund
5,000,461$$ 65,381,553

$

Total

Redemption
Frequency

Other
Redemption
Redemption
NoticeRestrictions 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

-

Daily

None

1

-

December 31, 2018
Fair Value Estimated Using NAV per Share
Unfunded
Fair Value Commitment
SSGA Global REIT Index$ 1,729,444
SSGA USS AGG Bond Index
2,969,307
SSGA Russell All-Cap (R) Index
NL SF
16,666,067
Mercer Emg Mkts Equity Y3(a)3,479,519
Core Opportunities Fi FD Cl Y3(b)6,919,529
MGI Non-U.S. Core Equity Y3(c)9,123,794
Mercer Global Low-Vol Eq Y3(d)6,748,391
Mercer Opport Fixd-Inc Y3(e)2,794,473
State Street BK+TR CO IVT
Mutual Fund
4,835,138$$ 55,265,662

$

Total

Redemption
Frequency

Other
Redemption
Redemption
NoticeRestrictions 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

-

Daily

None

1

-

(a)

The Fund invests principally in equity securities of large, medium and small capitalizationcompanies located in emerging markets and other investments that are tied economically toemerging 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 andcountry-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 thosein emerging and frontier markets. The Fund invests in various strategic and tactical global bondmarket opportunities without limitations in geography, issuer type, quality and currency

14

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
denomination. The Fund may 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 varietyof 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 andsmall 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 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 thosein emerging and frontier markets. The Fund invests in various strategic and tactical global bondmarket 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 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 varietyof purposes, including hedging, risk management, efficient portfolio management, enhancing 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
meeting expenses for hotels, meals and travel totaling $31,620 and $29,034 in 2019 and 2018,
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 to operate
in conformity with the IRC to maintain its qualification. Although the Plan has been amended andrestated since receiving the determination letter, the Plan’s management believes the Plan isdesigned, and is currently being operated in compliance with, the applicable requirements of 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, 2019 and 2018, 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. Recordkeeper Adjustment
For the years ended December 31, 2019 and 2018, the amounts of $0 and $224,102, respectively,
were recorded as adjustments by the recordkeeper (State Street Bank and Trust Company) that
15

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements
related to a prior year. These adjustments are recorded within the statements of changes in net
assets available for benefits as recordkeeper adjustments in the year identified.

11. Subsequent Events
The Plan evaluated its subsequent events through December 21, 2020, 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, except the following:
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.
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
volatility in financial markets. However, because the values of the Plan’s investments have and willfluctuate in response to changing market conditions, the amount of losses that will be recognizedin subsequent periods, if any, cannot be determined. The value of the Plan’s investments has adirect 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 Act (the CARES Act). The CARES Act, among other things, includes several relief provisions
available to tax-qualified retirement plans and their participants. Plan management has not adopted
the provisions of the CARES Act.

16

Supplementary Information

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Schedules of Contributions, Benefits andAdministrative Expenses of the Benefits Office
2018

2019

Year ended December 31,
Funds Received by the Benefits OfficeContributions from the Archdiocese, parishes and affiliates $Participant contributions

5,466,795
2,113,813

Total Funds Received by the Benefits Office7,580,608

6,487,191

Disbursement of Funds for BenefitsLife insurance premiums and consulting fees
Health expenses and other874,529
12,898993,816
12,898

Total Disbursement of Funds for Benefits

887,427

1,006,714

Disbursement of Funds for Administration
Salaries and benefits
Office expense and other

240,831-

256,246
1,569

Total Disbursement of Funds for Administration

240,831257,815$

4,395,792
2,091,399

Remaining Funds Contributed to Pension Plan$

6,452,350$

5,222,662

Net Contribution from the Archdiocese,
Parishes and Affiliates$

4,338,537$

3,131,263

Participant Contributions

2,091,399

2,113,813

Total Contribution to Pension Plan$

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6,452,350$

5,222,662

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Note to the Schedules of Contributions, Benefits andAdministrative Expenses of 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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