Protection benefits outweigh matching contributions
Protection benefits
outweigh matching contributions
Guidestone informed the Southern Baptist state conventions in 2005 that it would cease to fund 100% of the cost of the death and disability benefit for church staff who contributed to the annuity plan. The leadership of Guidestone announced a 5-year phase down to 50% of the cost of the benefit.
Faced with the prospect of losing the death and disability benefit, the Mission Council of the State Convention of Baptists in Ohio chose to keep it. This benefit has provided immeasurable assistance to widows of pastors who were underinsured at the time of their death.
When informed of Guidestone’s decision, financial leaders of Mission Ohio warned that the day may come when the budget couldn’t sustain paying 50% of the premium for this benefit and continue the annuity matching contributions for church staff. The Executive Committee and Mission Council chose to fund the death and disability benefit should that scenario occur.
That scenario has occurred. For five years, the Mission Ohio budget has absorbed an additional 10% of the cost for this benefit for church staff. With the reduction in mission receipts, the budget presented to the messengers at the 57th annual meeting of the State Convention of Baptists in Ohio provided funding for the entire 50% of the premium and eliminated the annuity matching contributions. Many other state conventions have made the same decision already, and others indicate that they will do so as well.
All Southern Baptist church staff whose church is contributing to the Guidestone annuity plan are eligible for this free benefit. It is very important for the church to contribute to the staff members annuity account every month. When a death occurs, Guidestone pays the insurance to the surviving spouse based upon the number of monthly contributions during the last year. Please contact Dave Warton, DaveWarton@scbo.org or 614-827-1840, for more information and assistance.
