The Pension Plan for Clergymen
and Lay Employees of the Greek
Orthodox Archdiocese of America
Financial Statements
and Supplementary Information
Years Ended December 31, 2020 and 2019

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, 2020 and 2019

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, 2020 and 20196Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 2020 and 20197

Notes to Financial Statements

8-16

Supplementary Information
Schedules of Contributions, Benefits, and Administrative Expenses of the Benefits Officefor the Years Ended December 31, 2020 and 201918

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

Tel: 212-371-4446
Fax: 212-371-9374
www.bdo.com

622 Third Ave, Suite 3100
New York, NY 10017

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, 2020
and 2019, and the related statement of changes in net assets available for benefits for the year
ended December 31, 2020, 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, 2020 and 2019, and the changes
in its net assets available for benefits for the year ended December 31, 2020, in accordance withaccounting 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, 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

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.
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, 2020 and 2019are 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 subjected4

to 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.

April 26, 2022

5

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

December 31,

2020

2019

AssetsInvestments, at fair value
CashParticipant contribution receivable
Contribution receivable from Archdiocese, parishes, andaffiliates$

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

72,185,389
211,000-$

66,362,939
180,000
53,300-24,884

72,396,389

66,621,123

128,211

193,877

72,268,178$

66,427,246

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,

2020

Additions
Investment income:Net realized and unrealized gain on investments
Interest and dividend income$

6,214,688
1,461,962

2019$

10,407,425
1,118,697

Net Investment Income

7,676,650

11,526,122

Contributions from retirement plan participantsContributions from Archdiocese, parishes, and affiliates

2,067,457
4,605,605

2,113,813
4,338,537

Total Additions

14,349,712

17,978,472

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

7,863,535
534,082
66,00011,084
3,016
710
506
27,174
2,674

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

Total Deductions

8,508,781

7,709,861

Net Increase

5,840,931

10,268,611

Net Assets Available for Benefits, beginning of year

66,427,246

56,158,635$

Net Assets Available for Benefits, end of year

72,268,177$

66,427,246

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, 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, 2020 and 2019, in accordance with the rules
established by the ABC. Active employees’ accumulated contributions with interest at
December 31, 2020 and 2019 were $43,550,900 and $36,877,838, 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 first8

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, 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.
Administrative Expenses
Administrative expenses are the responsibility of the Plan.
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 changes therein; disclosure of contingent assets and liabilities; and the actuarial
9The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Notes to Financial Statements

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, 2020 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 ofpayment.
Significant assumptions underlying accumulated Plan benefits as of January 1, 2020 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
6% compounded annually
PRI-2012 base table projected with generational mortality improvements
using MP-2019 in 2019

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 2.03% and 3.47% for 2020 and 2019,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.

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 the10

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

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 beentaken into account. Contributions from the Archdiocese, parishes, and affiliates are $700 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 $4,605,605 and $4,338,537 to the Plan in 2020 and 2019, respectively. As of
December 31, 2020 and 2019, the Plan has a receivable, in relation to the contribution, from theArchdiocese amounting to $0 and $24,884, respectively. Personal pension contributions fromparticipating clergy and lay employees are equal to 3.5%, 5%, or 6.5% of earnings in 2020 and 2019.
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, 2020 and 2019 are $3,550,350 and $3,304,338, 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 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 27% and 31% of the total
net assets available for benefits as of December 31, 2020 and 2019, 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.
In March 2020, the Word Health Organization declared the outbreak of novel coronavirus disease(COVID-19) as a pandemic. The Archdiocese has adjusted many aspects of its operations andactivities to protect its parishioners, employees, vendors and the public in general, as well as comply
with applicable governmental regulations of the localities wherein its parishes and offices are
situated. It continues to monitor the situation closely and it is possible that it will implement further
measures. in light of the uncertainty as to the severity and duration of the pandemic, the impact
on the Archdiocese’s financial position and changes in its net assets and cash flows is uncertain at
this time.

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.
11

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, 2020
Actuarial Present Value of Accumulated Plan Benefits
Vested benefits:
Participants currently receiving payments
Other participants$

63,185,849
61,251,028

Total Vested Benefits

124,436,877

Non-vested benefits

2,441,322

Total Actuarial Present Value of Accumulated Plan Benefits$

126,878,199

The net increase in the Plan’s actuarial present value of accumulated Plan benefits was $15,602,606
as of January 1, 2020. Increases were attributable to:Year ended January 1, 2020
Actuarial Present Value of Accumulated Plan Benefits, beginning of year$

111,275,593

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

12,356,482
3,004,552(7,273,394)
7,513,509
1,457

Net Increase

15,602,606

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

126,878,199

As of December 31, 2019, the net assets available for benefits and the actuarial present value ofaccumulated benefits of the Plan amounted to $66,427,246 and $126,878,199, respectively,
resulting in a shortfall of $60,450,953.

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

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, 2020 and 2019.
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, 2020 and 2019.
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.

13

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, 2020
Level 1

Level 2

Level 3

Total

Money market funds
Investments, valued at NAV*$

712,177
-

$

-

$

-

$

712,177
71,473,212

Total, at fair value

$

-

$

-

$

-

$

72,185,389

December 31, 2019
Level 1

Level 2

Level 3

Total

Money market funds
Investments, valued at NAV*$

981,386
-

$

-

$

-

$

981,386
65,381,553

Total, at fair value

$

-

$

-

$

-

$

66,362,939* 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.

The remainder of this page intentionally left blank.

14

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, 2020
Fair Value Estimated Using NAV per Share
Redemption
Frequency

Other
Redemption
Restrictions

-

Daily
Daily

None
None

1
1

19,497,786
4,599,699
7,519,358
9,652,917
14,355,089
5,257,133

-

Daily
Daily
Daily
Daily
Daily
Daily

None
None
None
None
None
None

1
1
1
1
1
1

5,334,874

-

Daily

None

1

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)State Street BK+TR CO IVT
Mutual Fund

$ 1,951,475
3,304,881

Total$ 71,473,212

UnfundedCommitment$$

Redemption
NoticePeriod (Days)-

December 31, 2019
Fair Value Estimated Using NAV per Share
Redemption
Frequency

Other
Redemption
Restrictions

-

Daily
Daily

None
None

1
1

20,656,700
4,129,746
7,553,160
11,349,567
8,466,621
3,038,703

-

Daily
Daily
Daily
Daily
Daily
Daily

None
None
None
None
None
None

1
1
1
1
1
1

5,000,461

-

Daily

None

1

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)State Street BK+TR CO IVT
Mutual Fund

$ 2,116,952
3,069,643

Total$ 65,381,553

UnfundedCommitment$$

Redemption
NoticePeriod (Days)-(a)

The Fund invests principally in equity securities of large, medium, and small capitalization companies locatedin emerging markets and other investments that are tied economically to emerging markets, as well as inAmerican, 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 and 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,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(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 the equity
security selection component of the Fund’s investment strategy. Currency forwards may be used to makestock-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 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 and 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,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 $506 and $31,620 in 2020 and 2019,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, 2020 and 2019, 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 subsequent events through April 26, 2022, 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,

2020

Funds Received by the Benefits Office
Archdiocese, parishes, and affiliates contributions
Contributions from retirement plan participants$

5,861,441
2,067,457

2019$

5,466,795
2,113,813

Total Funds Received by the Benefits Office

7,928,898

7,580,608

Disbursement of Funds for BenefitsLife insurance premiums and consulting fees
Health expenses and other856,838
12,898874,529
12,898

Total Disbursement of Funds for Benefits

869,736

887,427

Disbursement of Funds for Administration
Salaries and benefits

386,100

240,831

Total Disbursement of Funds for Administration

386,100

240,831

Remaining Funds Contributed to Pension Plan$

6,673,062$

6,452,350

Net Contributions from the Archdiocese, Parishes,and Affiliates$

4,605,605$

4,338,537

Contributions from Retirement Plan Participants

2,067,457

Total Contribution to Pension Plan$

18

6,673,062

2,113,813$

6,452,350

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
Note to the 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.

19