A Letter From the General Secretary to Participants

January 12, 2009—Every new year brings its opportunities and challenges. At the General Board, we maintain an optimistic, long-term financial perspective, even though we expect to continue to manage in a challenging period of economic uncertainty.

Cycles occur in the financial markets—some of them very severe. Having completed our centennial year of service in 2008, we have weathered the Great Depression, multiple wars and significant economic downturns. We continue to be fully focused on the long-term, stable support of those who serve the Church.

During 2008, the media reported on numerous economic events that negatively affected the U.S. and world financial markets. Some participants have asked questions about their account balances and the security of their present or future monthly benefit payments. It is very understandable that they are concerned. We want you to know that we are confident that your retirement plans are being well managed.

As you are aware, the markets have presented many challenges to investors. Although some investors may radically change their investment strategy in response to the current economic environment, an important element of our process is to continually analyze and manage risks. We believe that we have responded to these unprecedented events in a manner that is consistent with our disciplined and measured investment strategy. We remain convinced that this approach is the most prudent for achieving positive long-term investment results.

You want assurance that the benefits you have worked so hard to earn will be available when you need them. The General Board remains committed to helping you achieve your retirement goals. Operating cost efficiencies are also forefront in our thinking. We are asking more from every one of our staff members in these trying times—we are being efficient and frugal, while working to provide you with the quality service and retirement plans that you so deserve now and in the future.

Wishing you every blessing for this new year, I remain

Yours in Service to Christ,

Barbara A. Boigegrain
General Secretary