Annuity Board trustees approved a 5 percent increase for most annuitants.
The increase in benefits was approved effective Jan. 1, 2001, for most annuitants receiving benefits established for periods of 60 months or longer.
The increase will apply to certain annuities funded from defined contribution accumulations, as well as Plan A retired and deferred benefits. Also receiving the increase will be persons eligible for International Mission Board past-service benefits.
Persons still employed, who have deferred Plan A benefits, will receive the increase on Plan A when they annuitize that portion of their retirement program. The 5 percent increase will raise the Plan A benefit to 283 percent of its original formula benefit.
Trustees approved a 2001 budget of $49.2 million, a 7.95 percent increase over 2000. The Annuity Board receives no Cooperative Program funds for operations, but pays all expenses from an advisory fee on each of the 13 investment funds available to participants in the board’s various retirement plans.
Based on valuation of the Protection Benefit Fund of the Church Annuity Plan, trustees approved extending a special billing credit to state conventions through the year 2004.
The program, established Jan. 1, 1995, waives state convention billing costs for the Protection Section of the Church Annuity Plan, a part of the plan that provides a survivor benefit and supplemental disability benefit to eligible participants. There is no cost to the participant or church for the benefits that provide up to $100,000 in survivor benefits and a supplemental disability benefit of $500 per month. (BP)
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