Pension Fund Announces Updates to Existing Services; New Board Members
INDIANAPOLIS (February 25, 2013) - A two-day meeting with the board of directors of the Pension Fund of the Christian Church (Disciples of Christ) resulted in new changes to existing programs and the approval of Special Apportionments and Good Experience Credits.
The Pension Fund board approved a 3.5% Special Apportionment, effective July 1, 2013, as well as 3.4% Good Experience Credits for Tax Deferred Retirement Accounts and Benefit Accumulation Accounts, effective March 31, 2013.
Prior to granting this Special Apportionment, the Pension Fund's pension plan was estimated to be 125.3% actuarially funded. From 2011 to the end of 2012, assets under management at the Pension Fund grew from $2.45 billion to $2.67 billion, an increase of 9 percent.
The Pension Fund board also approved an increase in the maximum ministerial relief pension allowed from $8,100 to $12,000 per year.
Additions to the Pension Fund's board of directors include newly-elected Robert M. Robuck, CPA, chairman of Central Bancompany, Inc. Robuck graduated from the University of Missouri's School of Accountancy in 1964, and worked as an auditor for KPMG in Kansas City, Mo. and Central Trust Bank in Jefferson City, Mo. He attends First Christian Church in Jefferson City, Mo.
Two new board members started their term with the Pension Fund: Deborah D. Lewis of Blue Ridge, Ga., partner at D-Squared Investments, LLC, and Peggy Brittan of Spring, Texas, a retired executive of ExxonMobil Corporation.
In other actions, Pension Fund President James P. Hamlett announced the promotion of Connie Inglish to the position of Assistant Vice President for Employer Services, effective March 1, 2013. In her new role, Ms. Inglish will assist in delivering services to congregations and other church employers, and advocating for best employment practices.
The Pension Fund of the Christian Church (Disciples of Christ) provides pension and retirement savings accounts for clergy and lay employees of congregations, regions and general ministries and church related colleges and seminaries. The Pension Fund manages approximately $2.67 billion in net assets on behalf of those served in the United States, Canada, Puerto Rico and related international ministries.