wfn.org | ELCA Mission Investment Fund Introduces New Interest Rates

[News News <NEWS@ELCA.ORG>]

ELCA NEWS SERVICE

January 8, 2002

ELCA MISSION INVESTMENT FUND INTRODUCES NEW INTEREST RATES
02-005-FI

     CHICAGO (ELCA) -- The Mission Investment Fund (MIF) of the
Evangelical Lutheran Church in America (ELCA) announced new interest
rates effective Jan. 1 for its adjustable-rate and fixed-rate
investments.
     "When they invest in the Fund, ELCA members, congregations and
ELCA-related institutions earn interest on their financial resources
while they help to build the church," said the Rev. Arnold O. Pierson,
MIF vice president for marketing.
     The ELCA Mission Investment Fund has assets of nearly $400 million
and is the second-largest church-related loan fund in the United States.
With the funds provided by investors, the MIF makes loans to ELCA
congregations for the renovation or expansion of existing facilities,
relocations and purchases of land.
     About 500 loans are in effect throughout the United States, Puerto
Rico and the U.S. Virgin Islands.  More than one-third of the ELCA's
10,851 congregations, thousands of individual Lutherans and numerous
ELCA-related organizations have investments in the Fund.

ADJUSTABLE-RATE INVESTMENTS
     Interest rates for adjustable-rate MIF investments from Jan. 1
through June 30, 2002, are:

MissionPlus: 2.0 percent
This investment provides a checkbook which investors can use to write
checks in amounts of $500 or more.

MissionFuture: 4.5 percent
This investment can be purchased by adults for children from birth to
age 16.  The investment matures on the young person's 18th birthday.

MissionTerm (unsecured investment obligations issued by the MIF):
 --  1 year term     2.1 percent
 --  3 year term     3.8 percent
 --  5 year term     4.5 percent
 -- 10 year term     5.0 percent

MissionTerm Investments Held for Individual Retirement Accounts (IRAs):
Adjustable-rate MissionTerm investments can be held in Traditional or
Roth IRAs or Education Savings Accounts with Fifth Third Bank as
custodian:
 --  3 year term     3.8 percent
 --  5 year term     4.5 percent
 -- 10 year term     5.0 percent

FIXED-RATE INVESTMENTS
     Interest rates for the Mission Investment Fund's fixed-rate
investments are reviewed each month.  The interest rate that is in
effect at the beginning of a term remains in effect throughout the term
of an investment.  Interest rates for fixed-rate investments, in effect
Jan. 1-31, 2002, are:

MissionTerm:
 -- 2 year term       3.1 percent
 -- 4 year term       4.2 percent
 -- 6 year term       4.7 percent

MissionTerm Investments Held for IRAs:
 -- 2 year term       3.1 percent
 -- 4 year term       4.2 percent
 -- 6 year term       4.7 percent

     As securities issued by a non-profit religious institution, MIF
investments are not insured by FDIC, SIPC or any federal or state
regulatory agency.  The securities are sold only by means of the
Offering Circular, which can be obtained from the Mission Investment
Fund.

TAX-LAW CHANGES
     The Economic Growth and Tax Relief Reconciliation Act of 2001
increased maximum annual contributions to Traditional and Roth IRAs to
$3,000 in 2002. Maximum contributions will increase to $4,000 for years
2005 through 2007 and to $5,000  for 2008.  In addition, eligible IRA
holders who reach the age of 50 before the close of the taxable year may
make "catch-up" contributions to their Traditional or Roth IRA in
addition to the maximum contribution limit.
     Beginning Jan. 1, 2002, the annual maximum contribution limit for
each child for whom a Coverdell Education Savings Account (ESA, formerly
Education IRA) is established is $2,000.
-- -- --
EDITORS:  Additional information about the ELCA Mission Investment Fund
can be obtained by calling (800) 638-3522, ext. 2943, by sending an
e-mail to mif@elca.org or by accessing http://www.elca.org/ot/mif on the
ELCA Web site.

For information contact:
John Brooks, Director (773) 380-2958 or NEWS@ELCA.ORG
http://listserv.elca.org/archives/elcanews.html