Disciples' Pension Fund Board Approves Special Apportionments and Good Experience Credits

At it’s February 22-23, 2007 meeting, the Board of Directors of the Pension Fund of the Christian Church approved a 5% Special Apportionment. Persons receiving retirement, surviving spouse or disability pensions will receive checks/deposits reflecting the increase beginning July 1, 2007. Active members who are accumulating pension credits, will have their credits as of December 31, 2006 increased by the 5% Special Apportionment on July 1.

Special Apportionments are fully-funded on an actuarial basis, which means that all previous Special Apportionments are included in the base for this latest increase. Over the past ten years, Special Apportionments have average 6.35% per year. Based upon that annual average, a pensioner who began receiving a benefit of $1,000 per month ten years ago will receive a pension of $1,850.87 per month effective July 1, 2007. The Special Apportionment will also apply to Additional Benefit Annuities.

The Pension Fund Board also approved Good Experience Credits of 7.89% for Tax Deferred and Individual Retirement Arrangement Accounts and 6.39% for Benefit Accumulation Accounts, based upon average account balances in 2006. The Good Experience Credits will be applied March 31, 2007. After applying the Good Experience Credits, Tax Deferred Accounts and Benefit Accumulation Accounts will have earned an effective rate of 11.72% and 10.17%, respectively for 2006.