» News: Release from PCA's MTW / RBI

RN received this joint press release from the Presbyterian Church in America's Mission to the World / Retirement and Benefits corporations - it relates to some rumors that have been circulating about the changes to the Retirement and Benefits Annuity plan. Below is the text of the release:

A Joint Communique from Gary Campbell, President of Retirement Benefits, Inc., and Paul Kooistra, Coordinator of Mission to the World

As the General Assembly approaches, we (Gary Campbell, President of Retirement Benefits, Inc., and Paul Kooistra, Coordinator of Mission to the World) know that there has been much talk about Mission to the World's decision to manage its own annuity program. We have a very active grapevine within our denomination noted by the many communications both of us have received. The talk has varied over a wide continuum. There have been some who have charged Mission to the World with being disloyal to the PCA and moving their annuity program to the Southern Baptist Convention. On the other hand, there have been those who have stated that RBI is in trouble and must be failing.

Both of us (Gary Campbell and Paul Kooistra) plan to jointly approach the Committee of Commissioners for our respective agency or committee. Together we plan to explain why MTW's decision to manage their own program is a reasonable decision for MTW and does no harm to RBI.

RBI has been blessed by God as their program has grown over the last few years. They also have a new president who God has uniquely gifted in the area of investments. The future is brighter than ever for the RBI annuity program.

MTW on the other hand has a very unique constituency that requires a specialized communication infrastructure and in place, dedicated international advisors that if RBI were to attempt to meet these needs the cost could raise expenses to all participants in the RBI plan.

As a result of this change, RBI will be able to focus more of their resources on the majority of their constituency. The requirement on RBI to meet the needs of MTW missionaries scattered around the world will be reduced and their services to non-MTW participants will be enhanced. Because the potential loss of some MTW participants is not significant relative to the total assets under management in the retirement plan, RBI believes that over time it will be able to lower the expense ratio from its present 1.12% as assets grow and expenses remain under control. For MTW there are significant advantages to having services that will allow missionaries spread all over the world, some in very sensitive places, to interact with their annuity program advisors in a more efficient way. For those who study investing you know how important that is to the ultimate performance of a retirement portfolio. MTW will also be able to reduce the number of personnel that they employ who are now involved in the annuity program from seven to three or four.

MTW is not moving their annuity program into the Southern Baptist Convention retirement plan as some seem to be suggesting. This program will be a PCA program just like the MTW medical program is at the present time. MTW will be the plan sponsor as well as the plan manager. GuideStone was one of several third party administrators and investment advisors MTW studied over the last two years. They were chosen for only one reason and that is because they have the most experience with missionaries.

It has been said that the committees and agencies of the PCA in Atlanta, Georgia, cannot get along and that this event is just another example of that fact. Because of that, there will be skeptics concerning our stand of unity. From the point of view of both of us, this has come about through much prayer both at RBI and MTW. Jesus said and Scripture teaches that the mark of the Christian Church is their unity and love for one another. This decision was not easy for either of us. We have seen God's spirit work through us as we have been honest with each other. If nothing else, this process has been a blessing for both of us as we have seen the love of Christ work in both of our hearts.

It is likely that readers who are interested in these issues can hear more about the situation at the upcoming General Assembly of the PCA where all the various PCA sub-organizations and committees report on their ministries and activities.