What is the mission of MMBB?
Who is eligible for MMBB programs?
What are the benefits to enrolling in MMBB programs?
What is the "forgotten benefit" that MMBB offers?
How much income is sufficient for retirement?
How is the MMBB annuity paid?
Does the amount of an MMBB annuity change?
What is the normal retirement age to receive an MMBB annuity?
How does MMBB support members planning for retirement?
Why choose MMBB plans?
Q: What is the mission of MMBB?
A: MMBB was originally established to help care for ministers who had difficulty providing for themselves and their families on modest incomes. Today the organization remains committed to improving the lives of ministers, missionaries, lay staff and their families through essential benefit protection.
Q: Who is eligible for MMBB programs?
A: MMBB serves more than 14,000 ministers, missionaries and lay employees, as well as their families. In 2000 an IRS ruling opened the MMBB plans beyond American Baptist Churches to Baptist-like affiliated organizations and MMBB serves 11 affiliated organizations today.
Q: What are the benefits to enrolling in MMBB programs?
A: MMBB benefits programs can increase financial security for individuals and their families by providing income protection in the form of disability and life insurance during the working years and greater financial security post retirement as retirement income for life. For nearly a century MMBB has offered its members reliable service and has responsibly and expertly managed assets that have exceeded $2.7 billion.
Q: What is the "forgotten benefit" that MMBB offers?
A: MMBB offers many comprehensive and important benefit programs for its members. For examples, members realize the importance of life insurance. They use their medical and dental plans when they need care, and they see the impact of regular contributions and investment return on their retirement accounts. However, they may forget the importance of disability insurance protection. For an individual under the age of 60, the likelihood of becoming disabled or unable to work due to an illness or accident are far greater than an unexpected premature death. Statistics have shown that nearly one-third of all Americans will suffer a serious disability between the ages of 35 and 65. Disability insurance can offer the peace of mind to those serving in the ministry that both they and their families will be well cared for should they experience a disabling setback. It also offers peace of mind to their employers that the good work can continue, no matter what.
Q: How much income is sufficient for retirement?
A: Experts suggest that an individual should have three sources of retirement income: (1) Social Security, (2) an employer-provided annuity, and (3) personal resources. To maintain a pre-retirement living standard, many planners recommend that these sources should total at least 75% to 85% of the final compensation. Some are even recommending a 100% target, given the escalating costs of medical care and increasing life expectancies.
Q: How is the MMBB annuity paid?
A: MMBB delivers reliable, consistent income to its members, sent or deposited on the last business day of each month for the following month. For greater security and faster access to funds, most annuitants ask MMBB for electronic funds transfer directly to their bank accounts.
Q: Does the amount of an MMBB annuity change?
A: Yes. It is a variable annuity designed to help members keep pace with or even exceed the rate of inflation over longer periods of time. Amounts will increase or decrease each January 1, depending upon investment results for the Annuity Fund, with a slight adjustment for mortality.
Q: What is the normal retirement age to receive an MMBB annuity?
A: Retirement is not tied to an age, but to when they retire from eligible employment. Other forms of employment may be secured without affecting the annuity.
Q: How does MMBB support members planning for retirement?
A: Each MMBB member has access to tremendous support services including skilled money management, educational opportunities and caring, responsive member service representatives who take the time to assist members with their personal financial challenges and help them achieve their desired financial goals.
Q: Why choose MMBB plans?
A: Not only does MMBB provide comprehensive and essential benefits, it is an organization that cares about its members and strives to be their lifelong partner. In addition, MMBB understands the unique blessings and challenges of the ministry and tailors its benefit programs to the particular circumstances and needs of the individual members. MMBB is an organization that is consistently reliable and able to provide support for individuals when they need it the most.
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