MMBB : a pioneer in employee benefits the first 100 years / Everett C. Goodwin.

Format:

Book

Author/Creator:

Goodwin, Everett C.

Language:

English

Subjects (All):

Northern Baptist Convention. Ministers and Missionaries Benefit Board--History.

Northern Baptist Convention.

Northern Baptist Convention. Ministers and Missionaries Benefit Board.

Baptists--Clergy--Salaries, etc--History.

Baptists.

Baptists--Clergy.

History.

Physical Description:

xix, 328 pages : illustrations ; 24 cm

Edition:

First edition.

Place of Publication:

Macon, Ga. : Mercer University Press, [2012]

Summary:

The Ministers and Missionaries Benefit Board (MMBB), was authorized in 1911 by the Northern Baptist Convention and chartered in New York State in 1913 "to promote interest in the better maintenance of the ministry." Its core purpose was the provision of pensions to aged or disabled ministers. At MMBB's creation, American philanthropy was in transition from patterns of traditional charity to new structures designed to provide fundamental solutions to social and economic problems based on principles of business and science. Reflecting that change, MMBB became a pioneer by developing its pensions as a form of delayed, justly earned compensation that differed from the rare and often meager charitable grants previously available to a very few.

At its creation, MMBB depended upon financial resources philanthropically provided by Baptist laymen, notably Milo C. Treat and John D. Rockefeller, and more modest contributions by others. But by 1921, MMBB developed a Retiring Pension Fund, an early form of a defined benefit plan funded by contributions from individual members and employers. This approach, under-girded by philanthropic gifts, enabled the development of a long-term, sustainable pension fund. Later MMBB was a pioneer in developing a variable annuity form of fund investment intended to link pensions with economic development. Its hundred year record of success, through major wars, the Depression, and market cycles demonstrates MMBB's ability to raise adequate resources for its programs, its long-term practice of prudent management based on actuarial projections, and a succession of competent and committed executive leaders-all principles based on the persistent, focused vision of founder, Henry Morehouse. Book jacket.

Contents:

MMBB in context

From context to creation: seeking refuge for the old soldiers of the cross

Laying the foundations

Toward a functioning pension program

Responding to the crises of depression and war

The corporate fifties; refining benefits and expanding programs

A generation of transformation, part one

A generation of transformation, part two

A generation of transformation, part three

Into the millennium: the end of the twentieth century

Beyond the new millennium.

Notes:

Includes bibliographical references and index.

ISBN:

9780881463835

0881463833

OCLC:

794705682