Pension Fund Board Meets | Pension Fund News
(Indianapolis, Indiana, 6/28/2012) - The Board of Directors of the Pension Fund of the Christian Church (Disciples of Christ), at their summer meeting in College Park, Maryland, established interest rates for Tax Deferred, Benefit Accumulation and Roth IRA accounts for the period beginning July 1, 2012. The base interest rate for Benefit Accumulation accounts will remain at 1.7% from July 1 through September 30. Roth IRA will continue to earn a base interest rate of 3% through September 30, whereas Tax Deferred accounts will earn the 3% base rate through December 31. New Roth IRA accounts established by roll-over of accounts from another qualified retirement savings provider will continue to be eligible for an additional 0.5% in interest for one year through December 31, 2012. In establishing these rates, Directors took into account investment returns over the past year along with current economic and financial trends. Duncan Draper, Vice President and Chief Financial Officer, stated that 'the rates continue to be favorable as compared with other investment alternatives of similar focus.'
In other action, Christa Cassidy was elected as Assistant Treasurer. Ms. Cassidy is a CPA and has several years of experience in budgeting and finance. Directors also received reports on various staff projects including Information Technology, Ministry-Life Choices and the ongoing development of donors, members and employers. The audit firm of Deloitte and Touche was retained to conduct the 2012 audit for the Pension Fund.
Pension Fund hosted area pastors for a luncheon that enabled directors to hear directly from participants their questions, concerns, affirmations and suggestions. Participant input is used in long range planning by the Board and staff.
The Pension Fund of the Christian Church (Disciples of Christ) provides a defined benefit pension plan and defined contribution retirement savings plans for clergy and lay employees of congregations, regions and general ministries and church related organization, colleges and seminaries for the Christian Church (Disciples of Christ) and other Stone-Campbell Traditions. The Pension Fund manages $2.5 billion in net assets on behalf of those served in the United States, Canada, Puerto Rico and related international ministries.