TCR Staff Report
On March 4, 2022, the General Board convened virtually to complete the work outlined in resolutions presented in the December and January General Board meetings under the leadership of Bishop Paul Kawimbe, President of the General Board, and Bishop E. Anne Henning Byfield, President of the Council of Bishops.
Bishop Kawimbe called the meeting to order at 11:00 a.m., and Senior Bishop Adam J. Richardson and Bishop Byfield led the body in extended exhortations. Each encouraged all present to remain encouraged and to trust the processes in place to respond to the current situation of the Department of Retirement Services.
Dr. James F. Miller, Executive Director of the Department of Retirement Services, shared a comprehensive report and indicated that thanks to the General Board’s January actions, the Department was able to make disbursements of required minimum distributions, hardship requests, and full policy surrenders. He also indicated that while the minimum insurance payments for participants had been received, more consistency is needed in how the Episcopal Districts transmit the information to the Department. Commission Investment Committee Chair Presiding Elder Troy Thomas (13) updated the Board on requests for authorized proposals for new retirement investment accounts. Commission Stewardship Chair Dr. Reginald F. Blount (4) gave an update on receiving a planning grant from the Lily Endowment to help establish a Department of Stewardship. Commission Co-Chair Bishop Marvin C. Zanders, II, expressed his appreciation for the Commission’s work and the AME Church’s continued patience and understanding.
Next, the Commission on Statistics and Finance presented its recommendations. Chair of the Commission, Bishop Samuel L. Green, Sr., gave an overview of the forthcoming presentations. Commission Feasibility Committee Chair Dr. John F. McCormick (10) presented the proposals to address the shortfall in the Department of Retirement Services. After analyzing the alternatives, the Committee recommended to the General Board an immediate liquidation of $1 million in liquid assets with 25% of the General Budget transferred immediately and 25% annually until the Annuity Fund has been restored. The Commission defines restoration as all participant contributions plus 1.5% interest. The Department of Retirement Services will hire an actuary to tabulate the value of the contributions. Commission Implementation Committee Chair Mr. Jerry Turner (4) shared the process to recapitalize the legacy retirement fund with adjustments to the component budgets beginning August 1, 2022. The General Board approved the report from the Statistics and Finance Commission.
In addition to the above-named proposals, the question of legal accountability was raised, to which Bishop Byfield assured the body that the ongoing investigation will reveal with whom accountability lies. After discussion, the General Board approved a moratorium on mandatory payments into the retirement plan pending a declaratory decision from the Judicial Council and withdrew consideration of the promissory note from the January meeting.
The meeting was adjourned with prayer by Bishop Frank Madison Reid, III. The next scheduled session of the General Board will be in June in Atlanta, Georgia.
