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Board Approves Good Experience Credits and Plan Changes at November 2019 Meeting

INDIANAPOLIS (November 15, 2019) - The Board of Directors of Pension Fund of the Christian Church met November 13-15 in Indianapolis, making significant decisions for the benefit of Pension Fund’s current and future members.

Rev. Dr. Todd A. Adams, Pension Fund's President and CEO, presented an update on the 2019-2021 Strategic Plan. The Strategic Plan includes expanding Ministerial Relief and Assistance, adding a new product targeted at colleges, universities, and benevolent care facilities, and upgrading technology based on employer and member feedback.

“As part of our expansion of Ministerial Relief and Assistance, we are excited to partner with Pete the Planner and launch Your Money Line® to all Pension Fund members in January 2020,” said Adams. Your Money Line® is a financial concierge service that provides retirement planning, financial consultations, and money basics like household budgeting and creating an emergency fund. Pete’s staff is familiar with Pension Fund products and can discuss them as part of the service. Your Money Line® has been used by participants in Pension Fund’s Excellence in Ministry program and piloted with Pension Fund staff with great success.

As part of its annual review process, the Board approved Good Experience Credits (GEC) for the Tax-Deferred Retirement Accounts and Benefit Accumulation Accounts (2.1% and 0.6% respectively). While returns for 2019 have been solid year to date, negative returns in 2018 left a lot of ground to be covered before reaching the minimum threshold for a GEC. The additional interest is based on funding levels by product as of Sept. 30, 2019 and the average daily account balances from Oct. 1, 2018 to Sept. 30, 2019. GECs will be paid before year end 2019.

Additional highlights include a planning meeting with Grant Thornton (external auditors); the 2019 Experience Study of plan assumptions by Willis Towers Watson (actuaries); electing new and continuing board members; and approving the 2020 budgets.

The Board will consider Special Apportionment Credits at the April 2020 meeting.