Good Experience Credits and Special Apportionments Announced
INDIANAPOLIS (February 27, 2015) - During their two-day board meeting, the board of directors of Pension Fund of the Christian Church (Disciples of Christ), Inc. approved a 3.5% Special Apportionment for all U.S. and Puerto Rico Pension Plan participants (active, inactive and retired), effective July 1, 2015, as well as Good Experience Credits, effective March 31, 2015:
- Tax-Deferred Retirement Account (TDRA): 3.5%
- Benefit Accumulation Account: 4%
- Roth IRA Account: 2%
- Legacy IRA Account: 2.5%
The board also approved a Special Apportionment for Additional Benefit Annuities of 3.5%, to be applied July 1, 2015.
Special Apportionments, unique to Pension Fund and the Pension Plan, are additional pension credits awarded to members based on review of reserves required for any future market adjustments. When reserves exist above what is required by policy, Pension Fund's board of directors may declare a Special Apportionment, awarded as a percentage of the accumulated pension credits in a Pension Plan member's account. The board reviewed credits and pensions available at Dec. 31, 2014, and approved this year's Special Apportionment.
Good Experience Credits provide extra interest earnings for Pension Fund's Tax-Deferred Retirement Accounts, Benefit Accumulation and Roth IRA accounts. This year's Good Experience Credits were awarded based on review of the average principal balance of these accounts in 2014.
Assets under management at Pension Fund grew to $3.02 billion in 2014.
Two new board members began their term of service with the Pension Fund: Brenda Cline of Fort Worth, Texas, vice-president and CFO of the Kimbell Art Foundation; and Rev. Thaddaeus Allen of Parkersburg W.Va., regional minister of the Christian Church in West Virginia.
Pension Fund of the Christian Church (Disciples of Christ) Inc. provides pension and retirement savings accounts for clergy and lay employees of congregations, regions, general ministries and church-related colleges and seminaries of the Stone-Campbell/Restoration Movement. Pension Fund manages over $3 billion in net assets on behalf of those serving in the United States, Canada, Puerto Rico and related international ministries.
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