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While many retired clergy choose to enjoy their well-deserved season of rest, some seek ways to continue nurturing their spiritual calling.
The MMBB annuity is designed to meet the unique needs of those who have dedicated their lives to God’s service. The MMBB Board of Managers, in consultation with independent actuaries and staff, determined that the annuity payout value for 2022 will be $78.56, which is a 10.6 percent increase over the 2021 annuity payout. Let’s take a look at the unique features of the MMBB Annuity and how the 2022 payout was calculated.
The annuity is designed to be a lifetime annuity. MMBB will pay
you benefits for as long as you live. Also, if you are married and have chosen a joint annuity, your spouse will receive benefits for as long as he or she lives.
The annuity is variable. Your benefit depends upon the investment performance of the markets as well as other factors.
The MMBB annuity has a guarantee, which means you receive downside protection. Your annuity will not drop more than 5 percent in the first year of market underperformance, or more than 10 percent in the second or any subsequent year of underperformance.
The Annuity Payout Value is determined on September 30, each year using the higher of:
The MMBB Board announced that after adjustments for the reserve fund and inflation, the 2022 annuity payout value is $78.56,
an increase of 10.6% over the 2021 payout value.
The following factors determined the value of 2022's annuity unit:
The Annuity Fund is fully funded as of September 30, 2021 and remains invested in a diversified portfolio designed to address both up and down markets as well as a long-term time horizon. Though the annuity payout increased 10.6 percent, MMBB understands that these unprecedented times may put stress on your finances. We are here to help.
First, MMBB has emergency funds available to provide assistance if you find yourself making choices about purchasing food, prescription drugs or medical services or necessary home repairs.
Second, we invite you to contact our financial planning specialists. They will work with you to manage your financial resources, so you can continue meeting your goals in retirement.
Whether for emergency assistance or financial planning, we urge you to get in touch with one of MMBB’s Senior Benefits Specialists at 800.986.6222 or [email protected].
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Translations of any materials into languages other than English are intended solely as a convenience to the non-English-reading public. We have attempted to provide an accurate translation of the original material in English, but due to the nuances in translating to a foreign language, slight differences may exist.
Las traducciones de cualquier material a idiomas que no sean el inglés son para la conveniencia de aquellos que no leen inglés. Hemos intentado proporcionar una traducción precisa del material original en inglés, pero debido a las diferencias de la traducción a un idioma extranjero, pueden existir ligeras diferencias.
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Watch a guided tutorial of our enhanced site to introduce you to important new features designed to help you live your life with financial confidence.
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