The numbers tell a moving story of lives touched during difficult times through the Church Retirement Plan of GuideStone Financial Resources of the Southern Baptist Convention:
DALLAS (BP) – The numbers tell a moving story of lives touched during difficult times through the Church Retirement Plan of GuideStone Financial Resources of the Southern Baptist Convention:
-Since 2002, GuideStone has paid out more than $30.4 million in disability benefits to nearly 1,500 retirement plan participants who were no longer able to work.
-An additional $29.9 million was paid in survivor protection benefits to 1,277 families of participants who died while active in the Church Retirement Plan.
The Church Retirement Plan’s protection section, which is free to eligible participants, includes a disability income benefit – up to $500 per month if the participant becomes disabled – and a survivor protection benefit of up to $100,000 payable upon death to the participant’s family.
Eligible participants accrue protection benefits as they begin to make contributions to the Church Retirement Plan. Twelve consecutive monthly contributions are required to receive full protection benefits. If a participant has less than 12 consecutive monthly contributions and dies or becomes disabled, protection section benefits are prorated.
During rocky financial times, as church budgets tighten and many church leaders forego salary increases, some participants may be tempted to suspend their retirement plan contributions. While it may seem like a small thing to cease retirement contributions, the impact to the participant’s protection section benefits creates a doubly negative impact. Not only do participants experience the opportunity cost of investments not made that could have accrued additional shares, but they also lose their full protection section benefits.