wfn.org | Pension Board Votes Distribution

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"UNITED METHODIST DAILY NEWS" by SUSAN PEEK on Aug. 11, 1991 at 13:58 Eastern,
about FULL TEXT RELEASES FROM UNITED METHODIST NEWS SERVICE (3304 notes).

Note 3299 by UMNS on Nov. 25, 1996 at 15:45 Eastern (4162 characters).

SEARCH: pension, special distribution, investment, emerging
markets, 
Produced by United Methodist News Service, official news agency of
the United Methodist Church, with offices in Nashville, Tenn., New
York, and Washington.

CONTACT:  Ralph E. Baker                         585(10-71B){3299}
          Nashville, Tenn. (615) 742-5470            Nov. 25, 1996

Pension agency approves
special distribution for 1996

     SKOKIE, Ill. (UMNS) -- The United Methodist Church's pension
board voted a special distribution to retirement accounts of
clergy and lay participants in the board's Diversified Fund during
its directors meeting here Nov. 18-19.
     The 6.5 percent distribution by the United Methodist Board of
Pension and Health Benefits will mean a total growth of 13.4
percent for the year and reflects the agency's favorable
investment experience this year. At the end of September,
according to John English of Summit, N.J., chairman of the
Investment Committee, the stock market had risen by 13.5 percent
and the board's holdings had increased by 14.2 percent.
     The board has made a special distribution every year since
1979 except 1990 and 1994 for a total of $1.4 billion.
     Names of new Benefits 2000 Task Force members were announced. 
The task force will head a comprehensive study of the
denomination's benefits program to adjust policies so that they
will more effectively serve participants and the church in the
21st century.
     During open hearings at the meeting's start, the Rev. Jane
Easley of Chicago, a representative of the Methodist Federation
for Social Action (MFSA), asked the board to use its investment
leverage with the Briggs-Stratton and Texaco corporations.
     Briggs-Stratton is suing the U.S. Catholic newspaper for
criticizing the company's decision to terminate a large number of
employees in a downsizing effort. The board said it would send a
letter to the company in support of U.S. Catholic and express
disapproval of the corporation's use of intimidation to quiet
criticism on moral grounds by a faith group.
     Texaco Corporation has been charged recently with racial
discrimination. Board officials said for the time being, they will
continue to monitor Texaco closely regarding issues of diversity.
     Board treasurer Gail Whitson-Schmidt announced that at the
end of September, board-managed assets totalled nearly $7.8
billion, up from just over $7 billion in September 1995.
     Members approved investing up to $200 million in emerging
markets overseas after the investment committee interviewed staff
from two money managers that specialize in such investments, and
heard that emerging markets are a safe investment that produces a
significant return.
     After a change in the law last fall exempting non-profit
pension plans from a requirement to operate as a registered mutual
fund, the board voted to continue its Diversified Fund.
     Members also approved an operating budget of $29.9 million,
including $2 million for record keeping on the new Personal
Investment Plan. They approved a capital budget of $2.4 million,
and heard that the staff expects to underspend its 1996 budget
amount by $4 million.
     "I think the denomination will be well served by this board,"
said  Barbara Boigegrain, top staff executive, in her report to
the body.
                              #  #  #

NOTE TO EDITORS:  Benefits 2000 Task Force members and their
conferences are:
Woody Bedell, Virginia; Kermit Braswell, North Carolina; Delos
Corderman, South Carolina; Steven Dahl, Northern Illinois; Cindy
Garn, West Ohio; Oscar Garza, Rio Grande; Luther Henry, Central
Texas; Joel Huffman, Desert Southwest; Michael Kuss, California-
Pacific; Arnold parks, Missouri East; Thomas Petty, Northern
Illinois; Louise Schaeffer, Eastern Pennsylvania; Idalene
Williams, Nebraska; and Peary Wilson, Dakotas. Retired Bishop Clay
Lee, former president of the Board of Pension and Health Benefits,
will chair the task force that also will include Bishop Bruce
Blake of Oklahoma, current board president, and Boigegrain. One
additional person is yet to be named.

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