Converge Retirement Plan Year-End Report for 2009

In 2009, the Converge Retirement Plan had an investment return of 25.4%.  We participated in the market rebound across many of the assets that we hold.  The S&P 500 Index was up by 26% in 2009.  We recovered a significant portion of what was lost in 2008, and it is good to be back ‘in the black’.  The Trustees, all investment professionals who volunteer their time, continue to work diligently to manage the investments.

We added 75 new participants in 2009.  We continue to see strong interest in the Plan.  Our low investment and administrative costs (totaling less than 0.4% in 2009) and the housing allowance treatment for payments to our pastors and missionaries are two of the reasons for this.  We already have a strong start in 2010.

We have 556 retirees drawing an average benefit of $860 each month from the defined benefit plan.  We paid out over $5.6 million in pension benefits in 2009.  The plan has 823 active participants contributing into the plan, and 481 inactive participants (not yet retired, but not currently contributing).

Jackie Shimmin and I are grateful for the opportunity to serve so many faithful men and women of God in this ministry, helping to meet the practical needs of these servant-leaders in retirement.  Please call us at 1-847-879-3240 if you have any questions about the Plan.  You can also visit us on the web at www.bgcretirement.org.

Please review the enclosed benefit statement and let us know if you have any questions regarding your account.  The front page shows your Defined Benefit current and projected annual pension and the back page shows your Defined Contribution Plan account balance.


God's best to you,

Stephen Schultz
Stephen Schultz
Plan Administrator