TCR Staff Report
On January 31, 2022 the General Board reconvened virtually to complete the work outlined in resolutions presented in the December General Board meeting. Under the leadership of Bishop Paul Kawimbe (President of the General Board) and Bishop Anne E. Henning Byfield (President of the Council of Bishops and Host), the various departments, agencies, and Episcopal Districts of the AME Church gathered to hear and share updated reports from the Nominating Committee and the Department of Retirement Services respectively.
The meeting was called to order at 11:00am by Bishop Kawimbe and devotions were led by Bishop Wicker and members of the 8th Episcopal District. The opening scripture was read by Rev. Moses Sims and the opening invocation was shared by Rev. Dr. Regina Stovall Robinson. Shortly thereafter, the body was encouraged by the remarks of Senior Bishop Adam J. Richardson and Bishop Anne E. Henning Byfield reminding us of their collective commitment to repairing, restoring, and reviving that which may have been lost.
As requested and promised in the December meeting, the Nominating Committee reported their work in ensuring a balanced membership representation based on gender and other identity markers relating to equitable representation of the body. Rev. J. Edgar Boyd stated that while the committee did its best, they were faced with the challenge of having a limited number of female clergy on the General Board. Rev. Boyd asked that the committee be granted until June of 2022 to establish a more balanced makeup within the Commission on Statistics and Finance and the Board of Financial Management. The committee was commended for their excellence in the ongoing efforts toward equity within the committees and the report was distributed for review before being approved by vote.
The final 3.5 hours of the gathering were dedicated to the Commission on Retirement Services and addressing concerns related to the distribution of funds to retirees and contributors to the retirement plan. Dr. James F. Miller, Executive Director of Retirement Services introduced Rev. Dr. Matthew Watley who made the report on behalf of the commission.
Dr. Watley stated that there are 3 recommendations to distribute funds and they are as follows: Recommendation 1: The General Board approves the valuation of 30% and allows the unfreezing of the funds to move forward with needs of distribution of funds as needed. Recommendation 2: New Life Plan- The Department of Retirement services and its commission will identify, engage and establish a new annuity program with one of the ten top 403(b) provider companies that will provide for direct payments from churches and management of his/her investment account by June 8, 2022. Recommendation 3: The African Methodist Episcopal Church will assume responsibility for restoration up to the amount of $45,000,000 to the Legacy Plan which includes the interest on the unpaid balance to accrue to the Legacy Plan at 1.5% per annum.
Proposals to secure the $45,000,000 are as follows: 1. The General Board would incur a $3.5 million budget cut every year for the next 13 years. 2. The church would sell properties up to the amount required. 3. The church would take out a $45,000,000 loan to fund the losses.
The body agreed to an amended promissory note of $45,000,000 and the Commission will meet again prior to the next General Board meeting to take place within 30 days. The Department of Retirement Services will be the order of the day. The meeting was adjourned and the body will reconvene to complete the work outlined in the resolutions and recommendations presented on January 31, 2022, in February.
