Thrivent Financial News — A roundup of news and features

Lessons That Save Lives

Thrivent Financial is joining forces with the federal government to fund a new Faith in the City program to help low-income residents in Minneapolis save for the future.

Thrivent Financial and the U.S. Department of Health and Human Services, Office of Community Services, will provide a total of more than $1.4 million—$705,882 each—to launch the “Phillips Saves” Individual Development Account (IDA) Program in Phillips, a south Minneapolis neighborhood.

IDAs are matched savings accounts for low-to-moderate income families that enable them to save for assets that appreciate. These might include a first home, a post-secondary education or even a business venture a participant wants to finance.

For every dollar saved by a qualifying Phillips Saves participant, two dollars will be matched ($1 from the federal government and $1 from Thrivent Financial) when the participant reaches his or her savings goal, subject to program limitations.

Accompanying the matched savings element are mandatory financial education classes that help participants understand budgeting and money management, credit card debt and earned income tax credits. They also help protect low-income workers from predatory lenders. The classes—vital in assisting participants in their journey toward economic self-sufficiency—are required. Training will be provided by a consortium of financial experts, including Thrivent Financial representatives, professional educators and mentors.

For Thrivent Financial, Phillips Saves, along with the Chicago-based “Smart Savers” IDA program, represents the first of what could grow to become multiple Lutheran-based initiatives across the country connecting Lutheran congregations, Lutheran social service agencies and the organization’s member volunteers in
helping the working poor.

Help for Rising Health-Care Costs

With health-care costs on the rise, more people are considering how they will be able to pay future medical expenses. A Health Savings Account (HSA) may be the answer.

Health Savings Accounts are new tax-advantaged accounts created by the Medicare Bill signed into law in late 2003. The accounts allow you to accumulate tax-exempt savings to pay for both current and future qualified medical expenses.

HSAs must be used in conjunction with a high-deductible health plan, and the owner cannot be enrolled in Medicare. A high-deductible health plan would have a minimum annual deductible of $1,000 for an individual or $2,000 for a family, and annual out-of-pocket expenses that can be no greater than $5,100 for individuals and $10,200 for a family.

Contributions to the plan can be up to the lesser of 100 percent of your health plan’s annual deductible or $2,650 for yourself/$5,250 for your family. And distributions are tax-free if taken for qualified medical expenses by the covered person, spouse or dependent family members.

For more information on eligibility and available options, contact Thrivent Financial Bank at 866-226-5225 or visit the Thrivent Bank Web site.

With more than 500 Habitat for Humanity builds under its belt, Thrivent Financial for Lutherans put its support behind a new Habitat-led building project in 2004: multi-builds.

“The multi-unit builds allow us to maximize the value of our dollars,” says Brad Hewitt, Thrivent Financial senior vice president of Fraternal Operations. “With the units all being located in the same block, costs can be reduced for a variety of items needed, and groups of people can work on more than one project at a time.” The Thrivent Financial managers of Lutheran community services and Habitat affiliates raised additional dollars in each of the three areas.

Fresh paint for a fresh start: Habitat on the job in Fort Worth, Texas.

“Thrivent Financial for Lutherans is committed to helping ensure that people have a decent place to live no matter what their economic condition,” Hewitt says. “Through our financial support and the generosity and hard work of so many Thrivent Financial for Lutherans members, we Know that people who might not otherwise be able to afford their own home will be able to live the American dream.”

Since 1991, Thrivent Financial for Lutherans and its predecessor organizations have supported the construction of more than 500 homes and have issued grants and raised funds locally totaling nearly $24 million. Local chapters work with Habitat affiliates throughout the country to build houses.

Fresh paint for a fresh start: Habitat on the job in Fort Worth, Texas.

Boushek Heads Finances at Thrivent Financial

Randall L. Boushek was appointed chief financial officer for Thrivent Financial for Lutherans at the November meeting of the organization’s board of directors. Boushek also serves as senior vice president and treasurer for Thrivent Financial.

As CFO, Boushek oversees all corporate financial services, including the controller, treasury, corporate actuarial and investment accounting functions. He also provides leadership for the organization’s purchasing, contracting and real estate management.

“Randy was the natural choice for this important position,” says Bruce Nicholson, Thrivent Financial president and chief executive officer. “He has had a successful 23-year track record with the organization in finance and investments and has emerged as a talented leader. His contributions will be invaluable as we continue to strengthen the organization’s financial foundation.”

Boushek joined the organization in 1981 as an associate actuary and held several positions in investments, including portfolio manager and chief investment officer.

“I believe very strongly in the mission of Thrivent Financial, its fraternal identity, its responsibility to our members, and its need and ability to perform as a large, well-run financial services organization,” Boushek says.

Grant Program

Thrivent Financial has awarded more than $8 million to Lutheran organizations through the Lutheran Grant Initiatives program. The program includes the Charitable Gifting Initiative and the Youth Leadership Initiative. The initiatives were introduced in 2004 as a way for Thrivent Financial to help increase the health and vitality of the Lutheran community.

Charitable Gifting grants support projects that will help Lutherans learn more about charitable gifting options and encourages them to donate immediate and deferred monetary gifts, benefiting Lutheran institutions and organizations.

“By developing financial plans that use appropriate financial giving tools and solutions, Lutherans can maximize their charitable gifting intentions,” says Jim Yagow, manager of the Lutheran Grants Initiative program at Thrivent Financial.

The Youth Leadership grants will help youth and young adults become strong, service-minded leaders and members of the Lutheran church and society through service learning and engagement activities.

The $8 million in grants—63 Charitable Gifting grants totaling $4.5 million and 64 Youth Leadership grants totaling $3.5 million—were approved by two separate inter-Lutheran grant committees consisting of Thrivent Financial and Lutheran representatives.

Join Hands Day Award Winners Announced

Thrivent chapters captured nearly 40 percent of the annual Join Hands Day awards presented last fall to honor the youth and adult partnerships focused on making a difference in their communities.

Eight activities sponsored by 10 Thrivent chapters were among those honored with Join Hands Day Excellence Awards. The following award-winning chapters conducted activities ranging from playground upgrades and building renovations to care packages for families, children or soldiers:

• North Fulton County (Georgia)
• South Anoka County (Minnesota)
• Northern Clay County (Missouri)
• North Franklin County (Missouri)
• Traill County (North Dakota)
• Hamilton County (Ohio)
• Boone County (Kentucky)
• Kenton/Campbell County (Kentucky)
• El Paso County (Texas)
• Waco Area (Texas)

The 20 award winners were selected from thousands of volunteer projects nationwide that developed youth and adult partnerships in planning and conducting a community event in May 2004. Each award-winning activity received $1,000 and a distinctive glass trophy.

In addition, activities by three Thrivent chapters received honorable mention status and a certificate of distinction. These chapters include: West Sheboygan County (Wisconsin), Kalamazoo County (Michigan) and Fall River County (South Dakota). Only 10 activities nationwide received this honor.

Join Hands Day is sponsored by America’s fraternal benefit societies in partnership with the Points of Light Foundation and the Volunteer Center National Network.

Join Hands Day
The next Join Hands Day will be May 7. For more, visit www.joinhandsday.org or call 877-687-1329. To set up an activity in your area, contact your chapter leaders, whom you can find at www.thrivent.com. Log into the Members/Chapters area and click on Information About My Chapter.

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