I just returned from Nashville where I participated last week in the ChurchWorks conference for church staff and young leaders. It was a great event and I was able to share the good news about Church Benefits Board. After going through one of the most difficult financial crisis in any lifetime, I can confidently report that the programs we have put in place have weathered the storm. In fact, we are thriving.
The CBF 403(b) plan, created in January of 2008, was designed on a new model – one that more closely resembles a 401(k), which has been so popular with for-profit businesses for years. It features mutual funds as the underlying investment vehicles.
At the time, we couldn’t foresee a recession as bad as the one in 2009. Everyone has been affected in one way or another, and nearly everyone lost money in investments. The good news is our funds performed exactly as intended, with the “conservative choices” losing less than “aggressive investments.”
The really good news is the rebound that began last year was so strong in the fourth quarter, that the CBF 403(b) passed the $20 million threshold. This means we will experience cost savings in 2010 as much as .4 percent per investor for all of our members, compared to 2009.
That’s what we mean when we say our objective was to bring high quality “Fortune 500” benefits to the Fellowship family. As always, if you have questions – even general human resources-related benefits questions – please don’t hesitate contacting me at firstname.lastname@example.org.
– Gary Skeen, President, Church Benefits Board