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     Plan Facts

Plan Name

The official name is Church of the Brethren Pension Plan.

 

Plan Administration

The Plan is administered by —

Church of the Brethren Benefit Trust Inc.
1505 Dundee Avenue, Elgin, IL 60120
847-695-0200
800-746-1505 Toll-free
847-622-3399 Fax
www.cobbt.org

The boards of Church of the Brethren Benefit Trust, Church of the Brethren Benefit Trust Inc., and Brethren Foundation Inc., and Brethren Foundation Funds Inc., are composed of the same 12 directors.

These people are elected by participants (4), Annual Conference (4), and the Board itself with the approval of Annual Conference (4).

 

 

Plan Year

Plan records are kept on a calendar-year basis, Jan. 1 to Dec. 31.

Plan Funds

The Plan funds are managed by BBT solely for the benefit of Plan participants, including payments of the administrative costs of the Plan.

Limitation of Liability

When you decide to receive your Plan benefits in the form of an annuity, BBT will invest the money you use in the purchase of that annuity benefit (i.e., the portion of your employer subaccount balance you elect and any of your employee subaccount you elect to use toward the annuity benefit purchase). These invested funds ensure that there will be sufficient funds to pay for your monthly annuity. These life-long annuity payments are backed by BBT’s claims-paying ability, but can only be made to the extent there are assets sufficient to provide for payment. In addition, BBT is not liable for the failure of any congregation or other eligible employer to permit you to participate or to enroll you in this Plan.

Agent for Legal Process

Any legal process related to the Pension Plan should be directed to the BBT office at the address listed under Plan Administration above.

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Administrative Costs

Plan administrative expenses are deducted each month proportionately from the funds in the Active Lives Account(s). Expenses related to the Retirement Benefits Fund are deducted from that account.

Assignment of Benefits

Contributions to this Plan are intended to grow and provide you with retirement income. Under no circumstances may you or your beneficiary assign expected benefits.

Exclusive Benefit of the Plan

No part of the trust assets shall be used for, or diverted to, purposes other than for the exclusive benefit of participants and beneficiaries, provided this requirement shall not prevent the payment to Brethren Benefit Trust Inc. of the reasonable costs of administering the Plan.

Confidentiality

No information about your account will be released without your written permission unless the Pension Plan office is ordered to do so by a court of law.

Plan Amendment or Termination

The present Plan is a continuation of a Plan begun in 1943. Over the years, many modifications and improvements have been made. Brethren Benefit Trust expects to continue the Plan indefinitely.

However, it retains the right to terminate (with Annual Conference ratification) or amend the Plan. In addition, your employer has the right to terminate its participation in the Plan. If the Plan is terminated, or if your employer ceases to participate in the Plan, BBT has the right to decide to pay all benefits to which you are entitled under this Plan in the form of a lump sum.

Notification of Mailing Address

It is very important for you to keep the Pension Plan office informed of your current address and the current address of any beneficiaries you may designate under the Plan. The Pension Plan office is not under any obligation to search for you or your beneficiaries. Therefore, you should be sure to provide the Pension Plan office, in writing, with any change of the post office address for you or any beneficiary. Any check representing any payment due under this Plan, and any communication forwarded to you at the last known address as indicated by the records of the Pension Plan office, shall constitute adequate payment to you and shall be binding on you for all purposes of the Plan.

This notification requirement applies in all respects to any of your beneficiaries who may be entitled to benefits under this Plan.

Pension Plan Information Updates

As a participant in the Church of the Brethren Pension Plan —

• You may obtain copies of Plan documents and other Plan information upon written request to the Pension Plan office. You may also be able to obtain many of these documents and Plan information from the BBT website.

• You will receive a quarterly financial statement of your Pension Plan account(s).

• You will be informed of major Plan changes through a letter from the Pension Plan director.

• You will have access to BBT Annual Report and financial statement upon request.

• You may receive a listing of all Pension Plan investments upon request.

• You will receive Pension Plan news and information from BBT newsletter(s) and/or press releases.

Joining the Plan

Receiving your Retirement Benefit

Contributions

Withdrawals

Investments

Plan Facts

Other Plan Provisions

Glossary

Building financial security

Bettering the world

Together

Brethren Benefit Trust provides retirement benefits, health and welfare benefits, asset management, and financial advocacy to pastors, employees, and members of the greater Church of the Brethren community.

Since it began as the Pension Board in 1943, BBT has been called to serve its members and clients, and we are thankful for that opportunity.