October 7, 2021
Dear Members of AME Church:
The Department of Retirement Services has reported a material loss in the value of one or more of its departmental investments. A comprehensive audit and review of the Department, the subject investments and the fiduciaries overseeing the retirement funds and other accounts is underway. The review is being conducted by an independent law firm and accounting firm. A report with detailed findings has been requested and will be made available publicly upon its receipt.
The independent report will indicate whether the subject investment had any impact to retirement funds. The Department has advised that all life insurance coverage provided to participants has not been affected by the value of the departmental investments, which are outside the life insurance program. As a result, life insurance beneficiaries will receive the full value of any valid policy claim. Pending the receipt of the report and findings the Department will hold all new deposits in a standard checking “sweep account” only.
Bishop E. Anne Henning Byfield
President Council of Bishops of the AME Church
Bishop Adam J. Richardson, Senior Bishop
Bishop Ronnie E. Brailsford, Secretary