linkedin instagram facebook plus
MENU

3% Special Apportionment Approved for Pension Plan Accounts

The Board of Directors of Pension Fund of the Christian Church (Disciples of Christ) met virtually on September 2, 2020 to consider a Special Apportionment based on December 31, 2019 pension credit balances and the July 31, 2020 assets under management. Pension Fund is pleased to announce that based on the performance of our portfolio, the board approved a 3% Special Apportionment, effective October 1, 2020.

“Members may recall the board took unprecedented action in April to delay the decision on Special Apportionments – allowing more time for market conditions to stabilize and for us to understand the economic impact of COVID-19,” shared Rev. Dr. Todd A. Adams, Pension Fund President and CEO. “Given the prudent management of our funds by our investment staff, the board and staff agree this is the right move to help ensure our members enjoy a Strong, Smart, Secure retirement.”

The Pension Plan requires the board to consider awarding Special Apportionments at least every three years based on the funding levels of the Pension Plan at the end of the prior year and with consideration of current market conditions. In practice, Pension Fund reviews this annually.

Staff will use the December 31, 2019 credit balance for members. Those who are accruing credits or listed as inactive will receive a 3% increase in their credits. Members who are retired will see a gross increase of 3% on their October 1, 2020 pension payment. The 3% Special Apportionment translates to approximately $54 million in increases to our members. Good Experience Credits, additional interest paid on interest bearing accounts, will be determined at the November 2020 board meeting based on September 30, 2020 assets and liabilities of each product.

For 125 years, Pension Fund has been serving those who serve in the Stone-Campbell (Restoration) movement – helping them Bridge the Unexpected in challenging times.