wfn.org | Newsline: BBT protests Wells Fargo effort to contact Pension Plan members

[CoBNews <CoBNews@brethren.org>]

Newsline: Church of the Brethren News Service, News Director Cheryl Brumbau gh-Cayford, 800-323-8039 ext. 260, cobnews@brethren.org

BRETHREN BENEFIT TRUST PROTESTS WELLS FARGO EFFORT TO CONTACT PENSION PLAN  MEMBERS

(Nov. 5, 2009) Elgin, IL -- It has been brought to the attention of staff a t Brethren Benefit Trust (BBT) that some individual Pension Plan members, a s well as churches in the denomination, are being contacted by representati ves of Wells Fargo Advisors concerning pensions and retirement. The Wells F argo Advisors representatives make reference to the BBT website and imply t hat there are serious issues with the Brethren Pension Plan and that member s should be concerned about their investments.

BBT emphasizes that these Wells Fargo Advisors officers are in no way conne cted to the Brethren Benefit Trust, the Brethren Pension Plan, or the Churc h of the Brethren denomination. They do not have a thorough understanding o f the Brethren Pension Plan, but are clearly trying to undermine the Brethr en Pension Plan for their personal benefit.

The Brethren Pension Plan remains a reliable, safe investment for church wo rkers, pastors, district staff, staff of denominational agencies, and emplo yees of retirement communities who are looking for security in retirement.  Investing of the funds under BBT's management is performed by eight nationa l managers who are reviewed quarterly, and the funds are well diversified i n market sectors. Although the Pension Plan has recently experienced the fi rst decrease in its annuity assumption rate in its history, it continues to  rank highly when compared with similar pension plans.

In the spirit of Matthew 18, BBT is sending a letter to the two representat ives who are generating the letters from Wells Fargo Advisors, asking them  to cease their attacks on the BBT program and to offer an apology to those  whom they have contacted. BBT hopes this will resolve the problem, but if n ot, will pursue other avenues to protect its members and the Brethren Pensi on Plan.

Since 1943, plan members have looked toward their retirement with a sense o f security, trusting that the Brethren Pension Plan would be there for them  for the remainder of their lives. BBT takes that responsibility very serio usly and intends to live up to those expectations. For questions or concern s about the Brethren Pension Plan, contact Pension Plan director Scott Doug las at 800-746-1505.

The Church of the Brethren is a Christian denomination committed to continu ing the work of Jesus peacefully and simply, and to living out its faith in  community. The denomination is based in the Anabaptist and Pietist faith t raditions and is one of the three Historic Peace Churches. It celebrated it s 300th anniversary in 2008. It counts some 125,000 members across the Unit ed States and Puerto Rico, and has missions and sister churches in Nigeria,  Brazil, the Dominican Republic, Haiti, and India.

(Patrice Nightingale, director of communications for Brethren Benefit Trust , provided this report.)

># # #

>For more information contact:

>Cheryl Brumbaugh-Cayford
>Director of News Services
>Church of the Brethren
>1451 Dundee Ave., Elgin, IL 60120
>800-323-8039 ext. 260
>cobnews@brethren.org