A Letter from the General Secretary to Participants

Every day, the media reports are filled with serious concerns about the U.S. and world economies. We have received telephone calls, e-mails and letters from some of you asking questions about your account balances and the security of your present or future monthly benefit payments. We understand your concern and want to assure you that we continue to be confident that our investment practices are sound and your retirement plans are being well managed.

In this, our centennial year of service, we know that cycles occur in the financial markets…some of them may be very severe. Yet, having weathered the Depression, multiple wars, significant economic downturns and other myriad challenges, we continue to be fully focused on the long-term, stable support of those who serve.

Some investors abandon their time-tested investment strategies in reaction to stressful market conditions, and it may be tempting to follow their example. However, experience has shown that a disciplined and measured approach is the most prudent means of achieving positive long-term investment results.

The General Board’s investment strategy has been—and continues to be—to use a diversified, long-term, consistent and disciplined approach. Although we cannot predict when adverse market conditions will occur, we anticipate that they will occur from time to time, and we structure our investments accordingly. An important element of our process is to continually analyze and manage the risk for each of our benefit plans and funds. While investments managed by the General Board have been adversely impacted by the market downturn, we are confident that our risk management practices will enable us to weather times like these.

You want assurance that the benefits you’ve worked so hard to earn will be available to you when you need them. The General Board remains committed to helping you achieve your retirement goals, and we are confident that our consistent and disciplined process for managing our plans and funds is the best way to achieve this.

I encourage you to check this Web site frequently and read the reports and articles written by Dave Zellner, our chief investment officer, our Investments department and others who provide input and oversight in helping us fulfill our mission of caring for those who serve.

Yours in Christ,

Barbara A. Boigegrain
General Secretary
General Board of Pension and Health Benefits