Official Website of the AMEC Department of Retirement Services
The initial effort to provide better financial security for retired clergy persons had its beginning in 1928 when a modest annual stipend of $52.00 was paid to those retiring in that year. These stipends were funded by 30% of what was then known as â€œdollar moneyâ€ and paid by the respective Episcopal Districts. This practice continued until 1944 when the General Conference approved legislation to establish the AMEC Pension Board to oversee the facilitation of the pension, and to determine ways by which the collection of funds and the payment process might be improved. A quarterly system of pension payments was adopted to replace annual payments.
In addition to the 30% â€œdollar moneyâ€ already provided, an additional 10È¼ was assessed from or for each member of the Church, and a special â€œPension Nightâ€ offering was collected at each Annual Conference. Any minister who had reached the age of 65 with 30 Years of active ministerial service was eligible to Superannuate and receive a Pension Award. Ministers under the age of 65 who became disabled was also eligible to Superannuate and receive a Pension Award. In 1944, the average quarterly payment was approximately $60.
At the 34th Quadrennial Session of the General Conference meeting in Chicago in 1952, it was recommended and approved that each active pastor would pay 3% of their annual salary on a voluntary basis for pensions, and that the 30% â€œdollar moneyâ€ and 10È¼ per member contribution would remain unchanged.
However, it was the 37th Quadrennial Session of the General Conference which met in Cincinnati, Ohio in 1964 that gave birth to the formal structure of the Ministerial Retirement Plan that still exists today. This initial Plan was insured by the American General Life Insurance and included and included an additional Supplemental Hospitalization Benefit. Pastors were required by church law to contribute 12% of their annual salary on a pre-tax basis, which was reported at each Annual Conference and Mid-Year Meeting.
Since 1964 The Ministerial Retirement Plan of the African Methodist Episcopal Church has continued to grow and provide increasingly better benefits to our clergy servants and their families. In recognition of its 50 Years of sustained growth, the year 2014 will be celebrated as â€œThe Year of Jubileeâ€ by The Department of Retirement Services.
Contact Us Today
AMEC Department of Retirement Services
P.O. Box 1857
Memphis, TN 38101-1857
+(800) 992-6327 [office]
+(800) 992-5285 [fax]