Pension Fund Board of Directors Approves Special Apportionment and Good Experience Credits
(Indianapolis - February 22, 2013) At its February 21-22, 2013 meeting, the Board of Directors of the Pension Fund of the Christian Church approved a 3.5% Special Apportionment. Persons receiving retirement and surviving spouse pensions will receive checks/deposits reflecting the increase beginning July 1, 2013. Active members, who are accumulating pension credits, will have their credits as of December 31, 2012 increased by the 3.5% Special Apportionment on July 1, 2013.
Special Apportionments are fully-funded on an actuarial basis, which means that all previous Special Apportionments are included in the base for this latest increase. Over the past ten years, Special Apportionments have averaged 3.36% per year. Based upon that annual average, a pensioner who began receiving a benefit of $1,000 per month ten years ago will receive a pension of $1,391.34 per month effecting July 1, 2013. The Special Apportionment will also apply to Additional Benefit Annuities.
The Pension Fund Board also approved Good Experience Credits of 3.4% for Tax Deferred Retirement Accounts and Benefit Accumulation Accounts. Good Experience Credits will be applied March 31, 2013. After applying the Good Experience Credits, Tax Deferred Accounts and Benefit Accumulation Accounts will have earned an effective rate of approximately 6.4% and 5.1% (respectively) over the past twelve months ending March 31, 2013.
In other actions, James P. Hamlett, president of the Pension Fund announced the promotion of Connie Inglish to the position of Assistant Vice President for Employer Services, effective March 1, 2013. In her new role, Ms. Inglish will assist in delivering services to congregations and other church employers, and advocating for best employment practices.
The Pension Fund of the Christian Church (Disciples of Christ) provides pension and retirement savings accounts for clergy and lay employees of congregations, regions and general ministries and church related colleges and seminaries. The Pension Fund manages more than $2.7 billion in net assets on behalf of those served in the United States, Canada, Puerto Rico and related international ministries