Supplemental Income Fund for Equitable Annuitants
A special fund available only to retired lay employees (Equitable annuitants) of the General Board.
Who are "Equitable annuitants"?
When the Church of the Brethren Pension Plan began in 1934, only missionaries and ordained ministers could enroll. To provide retirement benefits for its lay employees, the General Board set up a program called the Equitable Annuity Contract. Today, over 150 retired, active, or former employees of the General Board are members of and will receive retirement benefits from the Equitable Plan.
Why was SIFEA established?
Over the years "The Equitable" plan accumulated a substantial reserve in its annuity contract but distributed very small dividends. In addition, "Equitable annuitants" were generally paid less than annuitants in the Brethren Pension Plan. Out of concern over the discrepancy, the Brethren Benefit Trust negotiated with The Equitable to release more than one million dollars of the reserves and set up the SIFEA fund to makes periodic supplemental grants to all retired General Board employees who qualify.
What are the benefits?
In its first year (1991) SIFEA grants were approximately three times the size of previous Equitable distributions. Annual grants for the first two years averaged $1,570.
In 1997, $144,000 was distributed among 100 eligible General Board annuitants, $10,000 more than in 1996.
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