DALLAS — Trustees of the Southern Baptist Convention (SBC) Annuity Board heard reports on the agency’s retirement and insurance programs during their Feb. 28-29 regular meeting in Dallas.
In the retirement area, the Church Annuity Plan had 46,280 persons from 22,865 churches in active billing status Dec. 31, and another 39,280 institutional and agency employees had active retirement accounts. Participant contributions of $315,183,458 represent an 8.4 percent increase over 1998.
At year’s end, there were 31,512 benefit recipients.
Board Treasurer Jeffrey P. Billinger reported total assets were $8 billion Dec. 31, 1999, compared to $7.1 billion Dec. 31, 1998. The net income for 1999 was $960 million, the highest annual net income ever reported by the board. This compared to $835 million net income for 1998.
A record total of $5,039,861 was distributed through the Board’s relief program to needy retired ministers and their widowed spouses. The amount received from the SBC Cooperative Program (CP) and special designations totaled $1,221,385. The entire CP allocation for the annuity Board and special designations is spent in relief ministry without any expense applied. The board’s Retired Ministers’ Support fund supplements the convention allocation. A significant number of persons on relief receive no regular retirement annuity because their churches never enrolled them in the Church Annuity Plan.
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