Pension Fund Board Awards a Record $190.2 Million Special Apportionment

Indianapolis - Pension Fund’s Board of Directors met virtually April 20-23, 2022. In addition to receiving updates on the new operating plan for staff, the board awarded the largest total dollar Special Apportionment in the organization’s history. The 10% award totaling $190.2M, eclipses last year’s $187 million. The fully-funded Special Apportionment will be applied to all U.S. and Puerto Rico pension and annuity accounts based on Dec. 31, 2021 credit balances. Retirees will see a 10% gross increase in their July 1, 2022 pension payments.

“While the markets have been volatile in the first quarter of 2022, our 2021 returns were solid – allowing us to pass along this record increase,” shared Chief Investment Officer, David Stone.

Rev. Dr. Todd A. Adams, President and CEO updated the board on initial steps the staff have taken toward the 2022-24 Strategic Plan. Pension Fund has engaged P3 Development Group from Milwaukee, WI to assist in the external market analysis and internal culture analysis related to our Diversity, Equity, Belonging, and Accessibility initiative. “What I appreciate about P3 is, in addition to having a solid process, they are going to require us to work on ourselves so that the engagement with historically underserved communities is authentic and not just window dressing,” shared Adams. The organization continues to train staff on Lean Six Sigma and is seeing positive outcomes from applying these learnings to project management.

In other work, the board met with its external auditors, Grant Thornton to receive the 2021 audited financial statements and approved the valuation report from Pension Fund’s actuarial firm, Willis Towers Watson. The board’s next meeting is scheduled for Nov. 11-13, 2022, where the board will consider Good Experience Credits (GECs) based on Sept. 30, 2022 funding levels and average daily balances from Oct. 1, 2021 to Sept. 30, 2022. Canadian pension funding levels will be reviewed by its board of directors at the May 2022 meeting.

We invite members to join Rev. Dr. Todd Adams on Tuesday, May 3 as he leads the 2022 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 5864378 and the 7 p.m. Conference ID is 3988258.