GuideStone Financial Resources has adopted new guidelines to allow more retirees to qualify for financial assistance through its Adopt An Annuitant ministry.
Effective immediately, single applicants with an income up to $1,500 a month and married applicants with an income up to $2,000 a month can be eligible for Adopt An Annuitant benefits, according to new guidelines approved by trustees.
"We are excited to be able to amend the guidelines so that more individuals will qualify for assistance and that those who have served so faithfully will be eligible for increased benefits in the future," GuideStone President O.S. Hawkins said in his report to trustees during their during Feb. 26–27 meeting in Dallas.
In addition to the increased income guidelines, trustees also approved increased amounts for ministers or their widows who have extremely low incomes and more than 30 years of service. These benefits will begin Jan. 1, 2008.
Currently the Adopt An Annuitant ministry provides $200 in assistance to single annuitants and $265 to married recipients.
As part of its ministry assignment from the Southern Baptist Convention, GuideStone provides a channel through which individuals, churches and organizations can provide assistance to ministers and other church employees who, for whatever reason, were not able to save for retirement.
Over the past 10 years, individuals, churches and organizations have given more than $50 million expressly for GuideStone’s Adopt An Annuitant ministry.
The Adopt An Annuitant ministry formally began in 1981. In the early years, recipients received $25 per month in financial assistance. The monthly assistance was raised to $50 in 1984 and then to $75 in 1998. In 2002, the relief program and the Adopt An Annuitant ministry were merged and the guidelines were amended to raise the monthly assistance to $200 for single recipients and $265 for married recipients.
Current guidelines require that financial assistance recipients must have at least 10 years of Southern Baptist service and have assets of less than $30,000 and income of less than $1,250 for a single recipient and less than $1,665 for a married recipient. Qualifying widows or widowers must have been married for 10 years to an individual who meets the guidelines.
In addition to enhancing the Adopt An Annuitant program, GuideStone also is releasing its Cooperative Program allocation to be used for other Southern Baptist ministries. (BP)
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