Hawkins envisions further GuideStone accomplishments
DALLAS (BP)--Drawing from Jesus’ words in Matthew 25:21, “Well done, good and faithful servant,” GuideStone Financial Resources President O.S. Hawkins reviewed past achievements by the Southern Baptist entity during Feb. 26-27 trustee sessions in Dallas.
Beyond GuideStone’s successes, he noted, “We must constantly look for opportunities to advance our work in ways that enhance the financial security of our participants.”
GuideStone’s role is that of a servant, Hawkins said, noting that it was the good and faithful servant who received the master’s commendation.
“The good servant is one who does well, who serves with excellence,” Hawkins said. “The faithful servant is one who does right, who serves with integrity.
“Ten years ago we could have rested on our accomplishments, which were many,” Hawkins continued. “Instead, we sponsored the registration of GuideStone Funds, expanded our fund options, changed our name, offered institutional and personal investing choices and expanded our markets.
“We have been willing to take advantage of opportunities, follow our sense of calling and walk through the door of opportunity that God has provided.”
Citing examples of advancement that will enhance the financial security of GuideStone’s participants, Hawkins said, “We are increasing the income guidelines for our Adopt An Annuitant applicants to allow more retired ministers or their widows to qualify for financial assistance. We are also planning to double the benefits for those who have the greatest financial need.”
GuideStone also announced at the Southern Baptist Convention Executive Committee’s mid-February meeting that it was releasing the Cooperative Program allocation it has been receiving to be used in other Southern Baptist ministries.
“We are grateful for the assistance the Cooperative Program has provided in the past. Every cent of Cooperative Program money has been used to provide assistance to retired ministers or their widows,” Hawkins recounted to trustees. “The earnings on our endowment funds, along with the gifts of faithful churches and individuals, have made it possible for us to release our Cooperative Program allocation.”
Information concerning the Adopt An Annuitant ministry may be requested by calling GuideStone at 1-888-98-GUIDE (1-888-984-8433) or by e-mailing the Financial Assistance Department at adopt@GuideStone.org.
Hawkins also announced changes in GuideStone’s Mission Church Assistance Fund ministry that will allow more churches to qualify and increase the monthly contribution for pastors under the program that encourages new or small churches to work with GuideStone to make retirement contributions for their pastor.
Under current guidelines for the Mission Church Assistance Fund, the church’s budget cannot exceed $40,000 per year. The new guidelines will allow churches that have up to a $75,000 budget to qualify for assistance. GuideStone’s contribution for pastors will increase from $25 per month to $50 per month for a period of five years. The expectation is that at the end of the five years the church will be able to continue to fund the pastor’s retirement contribution from its budget.
Under this program, participants also receive, at no cost to the church or the participants, GuideStone’s Church Retirement Plan protection benefits, which include up to a $100,000 survivor benefit and a $500 per month disability benefit.
John R. Jones, GuideStone’s chief operating officer, updated trustees on GuideStone’s program areas (retirement, investments, insurance and financial assistance) and also the progress of long-range planning strategies.
“We have completed a year that added value to our participants’ accounts and provided discounts to many of our Personal Plan participants in life and health products,” Jones said.
“Retirement contributions and rollovers into our retirement plans grew by over 9 percent last year. Additionally, over 1,650 participants joined the 1 percent Club in 2006, committing to increase their retirement plan contributions by 1 percent per year,” Jones said.
Noting the success of GuideStone’s retirement investment funds, Jones reported that for the five years ending Dec. 31, 2006, nine of the 13 GuideStone Funds mutual funds (GS4 class) exceeded the median of their peer universe according to Lipper Inc., a Reuters Company that is nationally recognized for comparing the total return performance of mutual funds within a universe of funds having similar investment objectives.
Turning to GuideStone’s medical plans, Jones said many Personal Plan participants experienced the third year in a row of no medical inflation rate increase in their medical premiums.
“While medical inflation is running at about 8-10 percent per year, over 40 percent of our personal medical plan participants received a rate decrease in 2005, over 57 percent received a rate decrease in 2006 and over 40 percent received a rate decrease in January of this year [for the same coverage],” Jones said. Overall insurance enrollment increased by 9.5 percent for the year.
Jones also reported on progress toward GuideStone 100, the strategic plan for guiding the organization’s work through its centennial year in 2018. In response to a motion made by Gary Smith of Arlington, Texas, at the 2006 Southern Baptist Convention meeting in Greensboro, N.C., GuideStone has begun studying the feasibility of making insurance and financial products available to members of Southern Baptist churches. Additional reports will be made to trustees during the ongoing study.
Another initiative under study as a part of GuideStone 100 is a feasibility study to offer property and casualty insurance.
“We believe we can offer a competitive property and casualty program that provides risk management programs for churches and ultimately reclaim dollars for ministry that have been lost to for-profit insurers,” Jones said. Additional information related to this study will be presented to trustees during their summer meeting.
The trustees’ relief committee approved applications for 13 two-year monthly grants and one for a one-time emergency grant. Twenty-three individuals were added to the financial assistance roll or upgraded in their benefit amount.
Trustees accepted the recommendation of their general officers nominating committee and elected Robert L. Sorrell of Tennessee as chairman for a one-year term and Timothy E. Head of South Carolina as vice chairman.
At the Monday evening dinner meeting, three trustees were honored for their years of service to the board: J. Lievers of Indiana; William T. Patterson of Mississippi; and Nathan H. Pillow of Arizona.
