The Southern Baptist Executive Committee has approved a recommendation to change the name of the Annuity Board (AB), permitting service to evangelical ministry organizations outside the Southern Baptist Convention (SBC).
Jim Swedenburg, coordinator of annuity and insurance with the Alabama Baptist State Board of Missions, said the move should not affect Alabama Baptists who have or plan to buy services of the AB through Baptist entities currently eligible for AB services.
He said the change will affect some 501-C3 nonprofit organizations that are currently not allowed to have the AB’s
services. These organizations are Baptist in nature or have many Baptists working for them, but are not SBC entities.
“As far as I know, the Annuity Board will be even better funded, because it will be offering its services/products to more people and organizations,” Swedenburg said.
The proposal initially was approved by Annuity Board trustees and then presented to the SBC Executive Committee Sept. 23 at its meeting in Nashville. The recommendations will be presented to the SBC at the meeting in Indianapolis in June 2004.
If the proposal is approved, the Annuity Board’s name will change to GuideStone Financial Resources of the Southern Baptist Convention.
Approval requirements
The name change recommendation will require official approval by messengers for two successive years, while the convention will vote on authorizing the board to do business as GuideStone Financial Resources for one year.
An AB statement to Baptist Press described GuideStone as a composite of two words describing the board’s goals: The AB intends to be a guide to walk with its participants throughout their lifetime, helping them enhance their financial security, while the word stone refers to AB’s enduring presence since its beginning more than 85 years ago.
“The Annuity Board’s name has served us well, but it has been decades since our only retirement option was an annuity,” George Tous van Nijkerk, chairman of the Annuity Board trustees, said in the statement to Baptist Press. “The board now offers a myriad of distribution options to participants as they reach retirement, as well as many other products and services such as life and medical plans and personal investment programs including traditional IRAs and Roth IRAs.
Updated ministry
“Our current name is no longer reflective of our organization, and a new name gives us the opportunity to communicate our image as an up-to-date, full-
service provider of financial and insurance products and services,” Tous van Nijkerk said.
The amendment to the ministry assignment of the AB would include other evangelical organizations in addition to the churches and denominational entities it already serves. Relief would still be exclusive to Southern Baptist ministers and denominational employees, but retirement plan programs, life and health coverage, personal investment programs and institutional investment services would be open to others who qualify.
AB President O.S. Hawkins said the board exists first and foremost as an organization that provides retirement benefit
services to Southern Baptist pastors and employees in smaller churches, entities and institutions.
“But the reality is that due to competitive pressures and limited growth potential, the Annuity Board must seek ways to grow our asset base so we can continue to be an advocate for our Southern Baptist pastors at the crossroads,” he said in the statement to Baptist Press. Expanding its ministry assignment will provide a larger client base and more assets under management, and Southern Baptist pastors will have competitive products at reasonable fees, he said. (BP)
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