To the African Methodist Episcopal Church (AMEC) 31 May 2022:
The undersigned bishops remain concerned about sentiments which prevail in our Zion relative to the retirement funds of our retirees and active clergy. We are not making concessions, or admissions of guilt or responsibility. As a pastoral and benevolent action, however, we desire to share our opinion.
We anxiously await the long promised actuarial report. With reservation, depending on the presentation of verified factual information not shared as of this writing, we affirm:
- That, the AMEC should honor the June 2021 statement of value for our retirement program participants or actual contributions plus at least 4% per year as a fair return since 2004.
- That, those who already received partial payments based on the post June 2021 value adjustment should receive the difference to make them whole at the finally agreed upon level.
- That, 30% of the June 2021 participant statement value should be transferred to the individual accounts of all participants as soon as the New Life program is established to assure higher, secure returns.
- That, the Church should construct and execute a realistic plan for the restoration of participants to a place of wholeness no later than the regular time of their retirement; death (if they should expire prior to the year of their seventy-fifth birthday); or no later than the General Conference – 2036. Participants should receive no less than 1.5% interest per year on unpaid/un-transferred funds for the period July 2021-June 2036). The Church should resort to the liquidation of assets, if necessary, to meet the terms described above.
- That, the Church should aggressively pursue the recovery of funds from various responsible parties. Recovered funds should be disbursed as proposed below (#6 & #7).
- That, the Church should commit at least twenty-five percent (25%) of its current budget (without additional assessment) toward the restoration of accounts to the agreed upon level of wholeness until all participants are made whole.
- That, infused funds from recovery, liquidations and budget allocations should be applied to accounts proportionately such that persons will be made whole no later than the year of their scheduled retirement or death prior to retirement.
These are not easy proposals. The undersigned bishops acknowledge the caution pursued by those not signing on to this statement. They may be the wise. While we have patience for business, we also desire more prompt, substantive affirmations to encourage unity, peace, harmony and trust.
The sacrifices necessary to rectify this situation are heartbreaking. It is more disappointing that many think the preservation of the denomination hinges on saving property and investments at the expense of those who rendered service and trusted the institution.
Alone, we cannot assure the above. Authorities may order a different outcome. Newly exposed information may warrant amendments to the proposals. We invite the sympathetic to work with us in doing justice, showing mercy and walking humbly with God.
Faithfully,
Errenous E. McCloud, Jr.
Jeffrey N. Leath
Members of the African Methodist Episcopal Church, who are also bishops, writing in their capacity as Participants in the Church Annuity Program, not as Officials of the Church.
