Pension Fund Board Meeting - April 2020
Unique and challenging times call for unique and creative responses. Therefore, in lieu of a traditional press release, we have decided a joint letter from us, as Board Chair and President / CEO, is the best way to communicate the actions of our Board of Directors.
This past Saturday, our board met virtually to conduct the essential business we needed to accomplish. Our opening devotional reminded us of our mission and of how our guiding scripture informs our work. We met with our auditors to receive a clean and unqualified opinion on our audit. We approved the report of our actuaries, which indicated our 12/31/2019 funding status was strong. We reviewed our business plan and focused on how our senior leaders are guiding the organization through these challenging days with great care, grace, and adaptability.
We also discussed the 2020 Special Apportionment (SA). The Special Apportionment Policy of the Pension Plan requires the Board to consider awarding the SAs at least every three years based on the funding levels and liabilities of the Pension Plan at the end of the prior year and with consideration of current market conditions.
The 12/31/2019 valuation report indicates that the Pension Plan was extremely healthy. The Pension Plan remains healthy, despite the ongoing economic challenges. The staff and board, however, have decided to delay a 2020 SAC decision until September. Delaying the decision will allow more time for market conditions to stabilize and for us to understand the economic impact of COVID-19.
Board and staff together share the responsibility of providing you the most secure and robust retirement possible. This is a careful balancing between being too conservative today and not being conservative enough to promote the long-term stability of the Plan.
We remain grateful for your confidence and for the opportunity to steward your retirement assets.
Rev. Dr. Todd A. Adams
President and CEO