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Annuitant Investment Letter from Executive Director Sumner M. Grant

Dear Annuitant,

I’m sure, like me, you’ve found the last few weeks frustrating, exhausting and frightening. Even though I am a long-term investor I find myself checking the stock market returns several times a day in disbelief.

So many factors have combined to create this situation. The debacle in Washington over the deficit and debt limit. The downgrading of US sovereign debt by Standard and Poor’s. The inability of European nations to resolve the insolvency of Greece, Ireland, Spain, Portugal and Italy. The weakening of the economic recovery. It’s easy to feel overwhelmed.

To deal with the daily ups-and-downs, I focus on three things.

  • I know that MMBB’s Annuity Fund is sound. The sacrifices you have made over the last three years combined with the investment returns we achieved had brought the Annuity Fund back into balance before the recent sell-off.
  • I know that MMBB’s investment strategy is sound. MMBB follows a disciplined approach to investing led by the professional expertise of the Investment Committee and our fund managers.
  • I am confident that the US economy and the stock market will recover. Just as stocks rallied from their 2008 low, I am confident that they will rebound from the current decline.

I wish I could assure you that your annuity will increase in 2012. But I cannot. As you know, we set the price on September 30. Any increase will require a strong rebound of the markets. I can assure you that we have been doing—and we will continue to do—our best to secure any gains. You can depend on us.

When I travel the country speaking to our members, I often say that MMBB walks with you in both good times and bad. Our goal is to make sure you have the resources to live comfortably with a lifetime income. Our 100-year track record speaks to our success. MMBB knows benefits, investments and the challenges of ministry. If you have any questions about the advantage MMBB gives you in these difficult market conditions, please feel free to call a senior benefits specialist at 800.986.6222.

Sincerely,

Sumner M. Grant
Executive Director