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 2023 will be $74.63. Read on for details about the distinctive features of the MMBB Annuity and how the 2023 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 2023 payout value after adjustments for mortality is $74.63. That is 5 percent less than the 2022 payout because of the fund’s guarantee feature, which shielded annuitants from a larger decrease in the unique value during a volatile market. U.S. and international markets were negatively affected by economic and geopolitical conditions.
The following factors determined the value of 2023's annuity unit:
The Annuity Fund is fully funded as of September 30, 2022, and remains invested in a diversified portfolio designed to address both up and down markets as well as a long-term time horizon. MMBB understands that the current economic climate and the decrease in the value of an annuity unit this year 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 help you manage your financial resources, so you can continue meeting your goals in retirement.
Whether for emergency assistance or financial planning or to speak with someone to understand the annuity payout even more, we urge you to get in touch with one of MMBB’s Senior Benefits Specialists at 800.986.6222 or [email protected].
We are here to assist you with just about any element of your financial well-being.
See more details about the Annuity Payout in the 2023 MMBB Annuity Payout Webinar.
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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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