BIC Foundation assumes administration of the Minister’s Pension Fund

Following a several month search for a replacement for Arlene Ray, the previous administrator for the Minister’s Pension Fund, it became clear that the best solution was actually close at hand. We are pleased to announce that the Brethren in Christ Foundation will assume responsibility, as they had in the past, for administration of the pension program. Elvin Peifer, CEO of the Foundation, has been named the Pension Plan Administrator.

The expected annual contribution to the retirement fund is 10 percent of the combined total of the pastor’s salary and housing allocation. For churches not able to meet this standard, the minimum contribution is the Defined Benefit contribution noted on the invoice and coupon forwarded to the church treasurer. The Defined Benefit (DB) contribution for 2007 is $1,240, an increase of $160 over 2006 as a result of new life expectancy assumptions.

For answers to questions about the pension program, contact Joleen Brubaker at (717) 697-2634, ext. 5415. If she doesn’t have the information you are seeking, she’ll direct you to the person who does, including: David Strausser on investment options or investment returns; and Elvin Peifer on options or accrued benefits of the defined benefit retirement plan, long term disability benefits, or options for the retirement income accounts.

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