Pension Fund Board Awards a Record $187.3 Million Special Apportionment
Indianapolis - Pension Fund’s Board of Directors met virtually April 21-25, 2021. In addition to receiving updates on the decentralized operation of the fund and continued plans for risk mitigation, the board awarded the largest total dollar Special Apportionment in the organization’s history. The nearly $187.3 million fully funded Special Apportionment will be applied to all US and Puerto Rico pension and annuity accounts based on Dec. 31, 2020 credit balances. Retirees will see a 10.5% gross increase in their July 1, 2021 pension payments.
“Our long-held, conservative investment strategy has weathered another meltdown and rebound in the financial markets,” shared Chief Investment Officer, David Stone.
The board took initial steps toward the organization’s next three-year strategic plan. In addition to strengthening its base business operations, Pension Fund will focus on three key strategic areas for 2022-2024. The first area will focus on Diversity, Equity, and Inclusion. “We have a unique opportunity as a non-bank trustee to use the individual savings products, to help our pastors of color, who more often have their primary income from a non-church source, save for retirement,” shared President and CEO, Rev. Dr. Todd Adams. “It is our responsibility to take this message to often-underserved communities in the church.”
The second initiative will focus internally on our operations and includes Six Sigma training. The outcomes of this process connect to our third initiative of increasing member self-service and further integration with our treasury bank.
In other work, the board met with its external and internal auditors and approved the valuation report from Pension Fund’s actuarial firm, Willis Towers Watson. The board’s next meeting is scheduled for Nov. 12-14, 2021, where the board will consider Good Experience Credits (GECs) based on Sept.30, 2021 funding levels and average daily balances from Oct. 1, 2020, to Sept. 30, 2021. Canadian pension funding levels will be reviewed by its board of directors at the May 2021 meeting.
2021 Annual Member Call Please join Rev. Dr. Todd Adams, on Tuesday, May 4 as he leads the 2021 Member Conference Calls at 11 a.m. and 7 p.m. EDT. The toll-free number for both calls is 833.719.6864. The 11 a.m. Conference ID is 7881929 and the 7 p.m. Conference ID is 7027136.