In its ongoing mission to care for its participants, the Board of Directors of the General Board of Pension and Health Benefits of The United Methodist Church today announced a change to the Protected Annuity Rate Balance (PARB) promise.
PARBs were originally established for Ministerial Pension Plan (MPP) participants eligible to retire on July 1, 2003, who were at least age 62 or had a minimum of 35 years of service. They were designed to protect MPP participants close to retirement from significant reductions in expected monthly retirement benefit payment amounts. The Board of Directors has decided that participants should have a choice between (1) continuing the PARB 8% annuity rate guarantee or (2) having their account credited with earnings that would have accrued as if they had not had a PARB.
Participants with a PARB will receive complete instructions and information about their choices in early 2007. From the time they receive notification from the General Board, they will have six months to make a decision and respond.
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