By Rev. J. Edgar Boyd, 5th Episcopal District
In a resolution passed on Saturday, the General Conference called for a comprehensive proposal to make the “Legacy Plan” annuity participants whole. The plan was presented on Monday, August 26, 2024. The plan was tied to a settlement agreement between the AMEC and named plaintiffs in their lawsuit against the AME Church and its Department of Retirement Services. We take issue both with the plan and the way it was presented. In all fairness, We believe the church has a moral and ethical obligation to provide full disclosure and discussion on such a monumental task. Therefore, we ask for answers to the following questions:
1. When, and by whom, was authorization given to AMEC leadership to enter into settlement discussions, obligating the church’s real estate and financial resources?
2. Besides Mr. M. Henderson, the church’s CFO, and Atty D. Selby, the church’s General Counsel, who were the other parties negotiating on behalf of the defendant, AMEC?
3. In the face of serious emotional, social, mental, and material damages sustained by the “Legacy Plan” annuitants, what is the church’s definition of “Made Whole?”
4. The principal resource identified in the settlement is a 20 million dollar offer by the church. What AMEC authorial body is required to authorize/ratify such a settlement?
5. Yesterday, the presenters announced that the commitment of the Twenty Million Dollars was pledged through a signed MOU between the named plaintiffs and the AMEC. Who signed the MOU, and what is the rate of interest on the financial commitment beginning upon signing, up until the stated 6 – 8 months that the plaintiffs receive the funds?
6. Once the $20,000,000 plus any anticipated settlement or court awards are received from the other responsible parties, who will manage the funds and ensure that all annuitant accounts are restored?
7. What actuarial formulas are being used to determine individual account balances, and at what rate of interest?
As a member without knowledge of all that’s happening behind the scenes, the body needs to know! Us members should know what’s going on. Transparency is key or else this denomination will fall.
For me, the language is somewhat unclear. Will the recipients of this, “wholeness” only be those directly presenting the claim or will it be extended to everyone negatively impacted by the mishandling of funds?
Well what does “MADE WHOLE MEAN????
Will they give us retirees what was owed us? IDK. ??
What’s the answer to that question ???
Response from AMEs for Justice and Accountability to the Settlement Agreement announced at the General Conference
Yesterday, the presenters announced that the commitment of the Twenty Million Dollars was pledged through a signed MOU between the named plaintiffs and the AMEC. Who signed the MOU, and what is the rate of interest on the financial commitment beginning upon signing, up until the stated 6 – 8 months that the plaintiffs receive the funds?
6. Once the $20,000,000 plus any anticipated settlement or court awards are received from the other responsible parties, who will manage the funds and ensure that all annuitant accounts are restored?
3. In the face of serious emotional, social, mental, and material damages sustained by the “Legacy Plan” annuitants, what is the church’s definition of “Made Whole?”
Excellent queries that deserve answers immediately
Excellent questions. There are federal laws about annuities set-up, management and security (?) systems that seemed were not followed that caused the problem. Who will oversee that these federal and maybe state laws on annuities will be enforced and upheld?