Pension Fund Board Meets; Approves 2024 Special Apportionment
Indianapolis - Pension Fund’s Board of Directors met virtually April 24 - 27, 2024. The multi-day meeting began with the Investment Committee receiving the annual valuation from the external actuaries. The board approved a Special Apportionment of 1.5% based on the Dec. 31, 2023, funding status and the current investment market. The Special Apportionment Credit will be applied to July 1 pension payments and credit balances for active and inactive members based on December 31, 2023 credit balances. This is in addition to reserving an additional $20MM for plan balances based on the four-year experience study.
David Stone, Chief Investment Officer shared with the board that “while it is easy to point to market records, like the S&P 500, these records have been mostly driven for several years by a very limited number of the largest company stocks. However, despite a challenging start to 2024, the broader equity markets have begun to gain some traction since January and give us an added degree of confidence in awarding this 2024 SAC.”
Rev. Dr. Todd A. Adams, President and CEO, updated the board on the 2022-24 Strategic Plan. As part of Pension Fund’s Diversity, Equity, Belonging, and Accessibility initiative, Pension Fund hired Rev. KJ Kim to serve as a part-time Area Director with a primary focus on North American Pacific/Asian Disciples, made gifts to support clergy wellness within the racial/ethnic constituencies, and began undertaking a major translation project to create a comprehensive experience for Spanish-preferred members and employers.
In other work, the board met with Grant Thornton, our external auditors, to receive the 2023 audited financials with an unmodified or “clean” opinion and WTW, Pension Fund’s external actuaries, to receive the annual Pension Plan valuation. The board received updates on our investment performance, technology and cyber security efforts, and the work of Ministerial Relief and Assistance.
We invite members to join Rev. Dr. Todd Adams on Tuesday, May 7, as he leads the 2024 member conference calls at 11 a.m. and 7 p.m. EDT. The toll-free number for both calls is 800.717.1738. The 11 a.m. Conference ID is 53086 and the 7 p.m. Conference ID is 71461.
The next meeting of the board is November 15-17, 2024, in San Juan, Puerto Rico.