Pension Fund Announces New Resolutions; Board Members
INDIANAPOLIS (Nov. 18, 2013) - The Board of Directors of Pension Fund of the Christian Church at their meeting on Nov. 14-15, 2013, elected one and re-elected four persons to three-year terms on the Board ending Dec. 31, 2016.
Elected to a first term was Mr. Kelly Bauer of Wichita, Kansas. Mr. Bauer is Senior Vice President and Treasurer of Fidelity Bank and an active member of Hillside Christian Church. Re-elected were Ms. Peggy Brittan of Spring, Texas; Ms. Laura Reed Gelarden of Indianapolis; Mr. Darnell Robertson of Cleveland, Ohio; and Mr. Antonio Rodriguez of Plantation, Florida.
The Board of Directors also elected Rev. Dr. James P. Johnson of Indianapolis to fill a two-year unexpired term. Dr. Johnson is President Emeritus of Christian Church Foundation and former President of Lexington Theological Seminary. Directors honored Ms. Lynne McHaney of Raleigh, North Carolina, and Rev. Dr. Michael Mooty upon the completion of their service on the Board.
In other action, Directors approved a resolution designating 60% of retirement and disability pensions for clergy as housing allowance. The resolution also allows upon written request of a retired minister, the designation of housing allowance from a Tax-Deferred Retirement Account (TDRA), provided that any eligible pension is first fully allocated as housing. Retired clergy are allowed designation of the lower of what is allocated by action of the Pension Fund Directors, the actual amount spent on eligible housing costs or fair rental value of the residence plus utilities.
Directors received financial reports showing total net assets available for benefits were $2.88 billion at Sept. 30, 2013, the highest level ever recorded at the end of a calendar quarter. Investment returns year-to-date have exceeded each of the benchmarks against which performance is measured. Further, the number of active participants in each of the key programs has increased from 2012 levels.
Commenting on the Pension Fund's year-to-date performance, James P. Hamlett, President of Pension Fund of the Christian Church, stated, "Although the implementation of a new data system has been very challenging and time consuming, staff has not taken its eyes off the goal of enhancing the financial well being of our participants. Investment performance and growth in participation are evidence of our focus on positive outcomes."
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 nearly $2.9 billion in net assets on behalf of those served in the United States, Canada, Puerto Rico and related international ministries.