Through your generous gifts, we are positioned to eliminate the BIC U.S. pension deficit for the defined benefit plan (BIC Pension Fund) — which served as a retirement plan for BIC U.S. pastors and missionaries — by General Assembly 2018.
Just $500,000 meets the need of the BIC Pension Fund. However, donors pledged to match donations to the Brethren in Christ U.S. for the Honor the Past: Build the Future campaign — making the financial goal $250,000.
“Our goal is to raise $250,000 by the end of June 2018,” said National Director Alan Robinson. “That way we can celebrate having met the first goal of the campaign — namely, meeting the needs of the BIC Pension Fund — at General Assembly in July.”
Reducing the pension liability, we achieve the first goal of the Honor the Past: Build the Future campaign. In 2016, the Brethren in Christ family launched the Honor the Past: Build the Future campaign at General Conference 2016 to raise a total of $5 million. It had two purposes:
- $3.2 million to meet the needs and commitments of the BIC Pension Fund. (This amount was based on the financial need at the time the campaign was launched, taking into account relevant, variable factors.)
- $1.8 million for church multiplication.
Early 2017, donors who wish to remain confidential pledged to double gifts to the campaign up to $1.4 million.
Once the needs of the BIC Pension Fund are met, $400,000 remains to be matched for planting churches and congregation expansions throughout the denomination.
“Something to celebrate, eliminating the pension liability frees us to give more toward growing churches and ministries,” said Alan.