Pension Fund Announces Additional Pension Credits and Interest Earnings for Members
INDIANAPOLIS (February 28, 2014) - During their two-day board meeting, the board of directors of Pension Fund of the Christian Church (Disciples of Christ) approved a 6.5% Special Apportionment for all Pension Plan participants (active, inactive and retired), effective July 1, 2014, as well as 8.5% Good Experience Credits for Tax-Deferred Retirement Accounts, Benefit Accumulation and Roth IRA accounts, effective March 31, 2014. The board also approved a Special Apportionment for Additional Benefit Annuities of 2.5%, to be applied July 1, 2014.
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, 2013, 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 2013.
Assets under management at Pension Fund grew from $2.67 billion to $3.01 billion in 2013, an increase of 12.7%.
Two new board members began their term of service with the Pension Fund: James P. Johnson of Indianapolis, president emeritus of the Christian Church Foundation; and Kelly Bauer of Wichita, Kan., an executive at Fidelity Bank.
Pension Fund of the Christian Church (Disciples of Christ) provides pension and retirement savings accounts for clergy and lay employees of congregations, regions, general ministries and church-related colleges and seminaries. 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.