MMBB and your Retirement Assets

At MMBB, we have a long history of supporting retired clergy dating back to 1911 when the organization was created. The Ministers and Missionaries Benefit Board (MMBB) was incorporated in 1913. The historic mission of MMBB Financial Services is “…to promote interest in the better maintenance of the ministry.” We have remained true to our mission for over 111 years. MMBB has provided payments to its retired members through its annuity product since 1965. During this time, MMBB has paid over $3.5 billion in benefits to retired members.

MMBB also benefits from the oversight of our Board of Managers (the Board); made up of professionals from the religious sector, the legal community, financial and investment management and corporate leadership. The Board meets on a regular basis and their work is accomplished through committees including Audit, Benefits, Investment, Finance, Personnel, and Development Committees. Importantly, MMBB staff includes those who hold professional designations such as chartered financial analyst, certified public accountant, certified financial planners, chartered financial consultants and retired income certified professionals.

Protecting members’ retirement assets has always been a high priority for MMBB. All MMBB assets are invested with diversified external investment managers and are held (“custodied”) with MMBB’s custodian, BNY Mellon. MMBB’s investment options, (collectively, the Accumulation Funds), the Annuity Fund, and the Legacy Fund each have their own Investment Policy Statements and are invested according to their asset allocations as set forth in their respective Investment Policy Statements. MMBB’s financial statements are audited annually by BDO USA, LLP, an independent audit firm (“BDO”). All audits performed by BDO are in accordance with generally accepted auditing principles.

The sufficiency of MMBB’s Annuity Fund is reviewed on an annual basis by Mercer, an independent actuarial firm. (An actuary is a business professional who deals with the measurement and management of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, and they help businesses and clients develop policies that minimize the cost of that risk.) The Benefits Committee reviews the actuarial analysis and other Plan updates. MMBB also engages Mercer, to perform an asset liability study on the Annuity Fund every third year to ensure the asset allocation continues to be appropriate relative to the Annuity Fund’s liabilities, long term market expectations, and any actuarial changes. The Investment Committee reviews this study and decides on any proposed changes to the asset allocation based on the study and other relevant factors.

Additionally, each quarter, MMBB’s Investment Committee reviews the asset allocation relative to the respective Investment Policy Statements and the performance of the MMBB investment options, the Annuity Fund, and the Legacy Fund. MMBB’s diversified investments are selected and vetted by MMBB’s Chief Investment Officer, the Investment Committee, and the Investment Consultant. All assets are managed professionally by external investment managers.

In addition to offering retirement benefits, MMBB offers emergency assistance, grants, educational grants, and other forms of benevolence to members in need through use of its Legacy Fund. MMBB also offers financial planning to its members as a benefit of membership. Our certified financial planning specialists do not receive commissions from members for consultation and education. Additionally, our financial planning specialists are bound by the Financial Planning Association’s code of ethics.

Our mission means that at MMBB, we are intentional about providing the best service, resources, and a path to secure retirement for those who serve God.