Church Benefits Board

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Church Benefits Board

Beginning January 1, 2008, the Church Benefits Board (CBB) of the Cooperative Baptist Fellowship will dramatically increase services available to you through new strategic partnerships. We signed new agreements in October that allow us to begin offering retirement benefits and health, life and disability insurance options through nationally-recognized providers. Retirement and Life and Disability Insurance The Church Benefits Board (CBB) is pleased to bring you new and improved retirement benefits and life and disability insurance options. These new plans are comparable to what you have in place currently with CBB through the Benefits for Life Plan from the Ministers and Missionaries Benefit Board (MMBB). The key differences are these new plans come with more options and the endorsement and sponsorship of Cooperative Baptist Fellowship. Information on medical insurance has been distributed to those members who have participated in the past or have asked for information. If you have not received this information and would like to know more about medical options through CBB, contact us toll-free at (800) 352-8741 or by e-mail at contact@churchbenefits.org . RETIREMENT CBB has reached an agreement with Retirement Wealth Management, Inc., for advisory services and StanCorp Financial Group, Inc., as the plan provider for retirement benefits. StanCorp is a top-rated plan provider. For more on StanCorp, please click the link to the brochure, “Relax – It’s the Standard”, and the link to a report titled “Let the Ratings Speak” from the renowned Boston Research Group. The new CBB plan will use highly-ranked institutional mutual funds such as Vanguard, Calvert and Goldman Sachs, to achieve cost savings and economies of scale. A sample line up of mutual fundsis linked for your convenience. When your assets are moved to CBB, they will be matched with investments that mirror your current investment portfolio. All funds included in CBB’s plans from StanCorp meet the following criteria: Top 25% performance in the last 3- and 5-year statistical periods Minimum of three-year tenure of fund managers Ratio of management expenses to return is better than the average as measured by Morningstar Other criteria considered include risk, value of assets, consistent performance, reputation and level of social responsibility To continue to have CBF-sponsored benefits from CBB, you should download and fill out the CBB Membership Election Form and the CBB Beneficiary Designation Form. You also need to notify MMBB of your decision regarding retirement. You may have already completed and returned the “CBF Membership Election Form” mailed by MMBB on Nov. 8. If you elected to stop contributing to MMBB, no further action is necessary. However, if you indicated you wanted to contribute to MMBB, which is no longer endorsed by CBF, it would be helpful to us to have a copy of the form. If you have not responded to MMBB and wish to continue contributing to CBF-endorsed funds through CBB, you download and use the “CBF Membership Election Form,”select the second or third option (depending on where you want to house your accumulated assets), sign and return the form to MMBB. LIFE AND DISABILITY INSURACE COVERAGE CBB has chosen World Insurance Association, Inc., (WIA) and its nonprofit division, Educator Resources, as the broker and consultant for life and disability insurance. Educator Resources is devoted exclusively to churches and Christian schools. Please see the linked Life and Disability Insurance Coverage description for details, costs andadditional benefits included as part of the new life and disability plans from CBB. The life insurance coverage offers three times annual salary for the beneficiary payout. In the event of accidental death, an additional three times annual salary would be paid, for a total of six times annual salary as the beneficiary payout. The life insurance policy has no “phase-in period” and benefits remain at the same level regardless of age until you reach age 65. Disability coverage offers 60 percent of annual salary up to a maximum of $5,000 per month. By electing to participate in CBB retirement benefits, you are automatically enrolled in life and disability insurance coverage. Once you have enrolled, you will be provided a life insurance beneficiary form to complete and return. This information, along with all forms and documents, is available at our Web site, www.churchbenefits.org . As always, feel free to contact the CBB office for questions or assistance at (800) 352-8741 or by e-mail at contact@churchbenefits.org . We appreciate the opportunity to serve you. Medical InsuranceInformation on the CBB's new medical insurance plans through World Insurance Association, Inc.

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