Reserve Fund Policy - Emergency Defence of Benefits Fund
Approval Date: 14th , April 2003
The primary purpose of the Emergency Defence of Benefits Fund shall be for the funding of defensive actions against detrimental changes to the member’s pensions and benefits. What constitutes a detrimental change shall be determined by the OV Board.
The level of the fund shall be determined by the OV Board on an annual basis. The initial level of the fund has been established by the OV Board on March 13, 2003 at $3000.00. The board has also established that quarterly increments of $100.00 will be added from the operating account commencing with the next May/June 2003 receipts received from the national office. Quarterly Increments shall cease when the fund reaches $5,000.00
Approved. Signed James L. Piche – President OV Branch