WCC NEWS: WCC pension fund stabilized and transferred to new managementFrom "World Council of Churches" <firstname.lastname@example.org>
Date Thu, 26 Apr 2012 08:07:19 -0700
World Council of Churches - News Contact: +41 79 507 6363; email@example.com WCC PENSION FUND STABILIZED AND TRANSFERRED TO NEW MANAGEMENT For immediate release: 26 April 2012 The pension fund of the World Council of Churches (WCC) has been brought out of a deficit position and is being transferred to Profond, a collective pension fund institution that manages more than 3 billion Swiss francs in assets under its contracts with nearly 1,700 Swiss employers. Reasons for the WCC pension fundâs deficit have included the global financial crisis beginning in 2008 and a growing imbalance between retired members drawing income from the pension plan and active members who contribute payments to the fundâs balance. Retirees currently represent approximately 70 percent of members. âProfond has the capacity for the long-term management of our retirement benefits under the newly defined contributions pension scheme,â explained the Rev. Dr Olav Fykse Tveit, general secretary of the WCC. âBoth staff and retirees should experience uninterrupted service during the transition.â The WCC pension fund was stabilized in March 2012 through an extraordinary contribution by the WCC of 24 million francs, covering the existing deficit. This contribution secured the retirement benefits of staff and retirees and made possible the agreement to transfer responsibility for the fund to Profond. The extraordinary contribution was made possible by a loan to the WCC from the Co-op Bank in Switzerland. Tveit says that, with a solution to the pensions issue in place, WCC leadership is now prepared to turn its attention to financial opportunities related to Geneva-area real estate owned by the council. âWe have engaged in a development partnership with a leading Swiss contractor, Implenia Development,â he added. âI am very excited about the move to Profond and the next steps we will take in the further development of WCC assets,â Tveit concluded. The World Council of Churches promotes Christian unity in faith, witness and service for a just and peaceful world. An ecumenical fellowship of churches founded in 1948, today the WCC brings together 349 Protestant, Orthodox, Anglican and other churches representing more than 560 million Christians in over 110 countries, and works cooperatively with the Roman Catholic Church. The WCC general secretary is Rev. Dr Olav Fykse Tveit, from the [Lutheran] Church of Norway. Headquarters: Geneva, Switzerland. You receive this information as a subscriber of our media list. You are registered with the address firstname.lastname@example.org World Council of Churches To unsubscribe, send an email to: email@example.com with the address: firstname.lastname@example.org in the subject line.