At the June 30, 2012 EFCA Business Session, delegates approved a resolution recommended by the EFCA Board of Directors that affirmed formation of FCMM as a separate corporate entity. This move will not only clarify the organization’s structure but will enhance FCMM’s role as benefit provider for EFCA churches.
For the last 40 years, FCMM has operated as a Minnesota-based Church Benefits Trust. About four years ago the plan’s legal counsel recommended that FCMM become incorporated in order to provide FCMM with a stronger legal structure and to further clarify the separation of assets and liabilities between FCMM and the EFCA.
In organizational terms, the individuals who have served as FCMM’s Trustees will now serve as Board members of the corporation and trustees of the FCMM Retirement Plans. FCMM operates two plans: the current Retirement Account Plan 403(b)(9), and the legacy FCMM Pension Plan 401(a) which has been closed to new contributions since 2003.