Curtis D. Sharp
Executive Officer for Denominational and Public Relations
214-720-2127
Curt.Sharp@GuideStone.orgHawkins declares 2007 as year of advancement to GuideStone trustees
March 1, 2007
Dallas — Drawing from the parable of the talents, GuideStone Financial Resources President O.S. Hawkins reviewed past organizational successes, but told trustees, “we must constantly look for opportunities to advance our work in ways that enhance the financial security of our participants.” Trustees met in regular session Feb. 26-27 in Dallas. Trustees also heard a report from Chief Operating Officer John R. Jones.
Speaking from Matthew 25:21, “Well done, good and faithful servant,” Hawkins reminded trustees that GuideStone’s role is that of a servant. It was the good and faithful servant that received the commendation of the master.
“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 added. “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. We are grateful to Southern Baptists for their ongoing support as we seek to enhance the financial security of our participants.”
Hawkins shared with trustees examples of advancement that will enhance the financial security of GuideStone’s participants.
“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,” Hawkins said.
GuideStone also announced at the recent meeting of the Southern Baptist Convention Executive Committee 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 explained 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.”
Hawkins also announced changes in the Mission Church Assistance Fund ministry that will allow more churches to qualify and increase the monthly contribution for pastors. This program encourages new or small churches to work with GuideStone to make retirement contributions for their pastor.
Under current guidelines the church’s budget cannot exceed $40,000 per year. The new guidelines will allow churches who have up to a $75,000 budget to qualify for assistance. GuideStone’s contribution for the 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, the participants also receive, at no cost to the church or the participants, the Church Retirement Plan protection benefits. These benefits include up to a $100,000 survivor benefit and a $500 per month disability benefit.
Jones updated trustees on the program areas of GuideStone (retirement, investments, insurance and financial assistance) and also the progress of GuideStone’s 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,” he said. Jones provided additional results related to GuideStone’s retirement and savings ministries.
“Retirement contributions and rollovers into our retirement plans grew by over 9% last year. Additionally, over 1,650 participants joined the 1% Club in 2006, committing to increase their retirement plan contributions by 1% per year,” Jones said.
Of particular note was the success of GuideStone’s retirement investment funds. 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 Lipper1 Lipper Inc., a Reuters Company, is a nationally recognized organization that compares the total return performance of mutual funds within a universe of funds having similar investment objectives. Please keep in mind that past performance does not guarantee future results.
Turning to GuideStone’s medical plans, Jones highlighted that 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% per year, over 40% of our personal medical plan participants received a rate decrease in 2005, over 57% received a rate decrease in 2006 and over 40% received a rate decrease in January of this year,” Jones said. Overall insurance enrollment increased by 9.5% for the year.
In the Financial Assistance area, Jones reiterated the good news concerning more generous eligibility guidelines and future increases in benefits for financial assistance recipients who have the greatest financial need. 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.
Jones also reported on GuideStone’s progress in working toward its strategic plan, GuideStone 100, which will guide the organization’s work through its centennial year in 2018. In response to the 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 available insurance and financial products to members of Southern Baptist churches. This study is ongoing and additional reports will be made to trustees in the future.
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 for a one-year term Robert L. Sorrell, Tennessee, as chairman and Timothy E. Head, South Carolina, as vice-chairman.
At the Monday evening dinner meeting, three trustees were honored for their years of service to the Board. They are: Russell J. Lievers, Indiana; William T. Patterson, Mississippi; and Nathan H. Pillow, Arizona.
1 Past rankings are no guarantee of future rankings. Investment return and the value of an investor’s shares will fluctuate. Shares may be worth more or less than original cost when redeemed. The Lipper Rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds within a universe of funds having similar investment objectives. Rankings are based on total return performance with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front- or back-end sales charges. Rankings are relative to a peer group and do not necessarily mean the fund had high total returns.
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You should carefully consider the investment objectives, risks, charges and expenses of GuideStone Funds before investing. For a copy of the prospectus with this and other information about the funds please call 1-888-98-GUIDE (1-888-984-8433) or download a prospectus (pdf). You should read the prospectus carefully before investing. |
GuideStone Funds shares are distributed by PFPC Distributors, Inc., a registered broker-dealer and underwriter of the funds, 760 Moore Rd., King of Prussia, PA 19406. GuideStone Funds is a controlled-affiliate of GuideStone Financial Resources.
Word version - Hawkins declares 2007 Year of Advancement to GuideStone trustees