TCR Staff Report
On Wednesday, May 4, 2022 the General Board reconvened virtually to receive the Department of Retirement Services recommendation for a new retirement plan. After being called to order by Bishop Paul J.M. Kawimbe, President of the General Board. Prayer was led by Bishop Gregory G. M. Ingram. Following the devotions, the General Board received greetings from Bishop Anne Henning Byfield, President of the Council of Bishops and Senior Bishop Adam Jefferson Richardson, Jr.
Bishop Byfield acknowledged the spiritual and mental strain the issue of retirement funds has had on members throughout our Connection. She reiterated the desire to do everything in their power to hold those responsible accountable, while also honoring the Retirement Services Commission’s plan of action to address and prevent any further harm. Bishop Richardson stated that a great deal of work and resources have been invested in a process of integrity requiring patience and prayer. He encouraged the General Board to trust God in answering our collective appeals for justice.
Presiding Elder Troy Thomas (13th District) reported on behalf of the investment committee of Commission on the Department of Retirement Services. Their work has been done in concert with consultants and attorneys in order to facilitate a new retirement plan.
The request for plan proposals was issued on March 1, 2022 and received by March 25, 2022. Nine proposals were reviewed with two selected by the committee as finalists: Wespath and Voya Financial. The committee presented Wespath to the General Board as its recommendation. Mr. Martin Bauer of Wespath shared an overview of the proposed “New Life Plan”. Some of the features include:
- 403(b) Plan with investment management and retirement income options
- Access to online communication detailing all plan components, education and workshop opportunities, and correspondence with Wespath representatives for individual participant support
- Plan sponsors (AME Church) will be able to transition into this new plan with a quick turnaround time
After the presentation, the committee also shared that legislation will need to be submitted to reflect the plan changes and that they are working with Wespath to create an electronic payment transfer system for retirement plan participants.
After some discussion, the General Board voted at 96% in favor of approving Wespath as the plan manager for the “New Life Plan.”
Bishop Byfield notified the General Board that the Council of Bishops met on Monday and had voted as well to approve Wespath complying with the procedures outlined in the Discipline with regards to actions of the General Board.
Dr. David Green led the benediction and the meeting was adjourned. The General Board will reconvene in Atlanta, Georgia in June 2022.
