What's Happening at Thrivent
Building homes, board election results, SECURE Act and more!
Help Families Open New Doors
Do you want to help a family open the door to a safe, affordable place to call home? The Habitat and Thrivent Partnership has two programs that can help you make a difference in 2020.
Through Habitat and Thrivent Faith Builds, Thrivent members, local Christian churches, the community and future homeowners across the U.S. are partnering to build 89 homes in 78 communities. Volunteers can choose to help with construction and non-construction activities.
The second program, Habitat and Thrivent Worldwide, provides the opportunity to build homes and build lifelong memories and relationships on a weeklong trip to another country or in the U.S. Visit Thrivent.com/Habitat and click on the program names to find Faith Builds in the U.S. or to join others on a trip. No construction skills are required.
National Board Members Elected
Thrivent benefit members elected Kirk D. Farney, Kathryn V. Marinello and Frederick G. Kraegel to the organization’s national board of directors last fall. The three directors were elected out of a pool of eight candidates and began their new terms in February. Members cast a total of 514,270 qualified votes during the election.
“The members of the board of directors have two main fiduciary duties of loyalty and care to act for the benefit of and in the best interest of Thrivent and our members,” says Bonnie Raquet, board chair. “They must make sound ethical, legal and management decisions and policies while ensuring Thrivent has the resources to carry out its mission.”
To fulfill those duties, the board of directors: Reviews and approves strategic plans, oversees major business decisions, assesses and manages risk, and selects the CEO and the appointed directors.
Read brief bios of each board member at Thrivent.com/governance.
|Name of Candidate||Qualified Votes|
|Kirk D. Farney||108,805|
|Kathryn V. Marinello||107,526|
|Frederick G. Kraegel||103,873|
|Angela S. Rieger||44,291|
|Paula H. Phillippe||42,183|
|Deborah M. Ackerman||40,409|
|Cheryl A. Chapman||38,187|
|Blake H. Eisenhart||28,997|
Tabulated by Election-America, an independent election services company.
Make Your Board Recommendations
Any member can suggest candidates for the national board of directors. If you know an active Thrivent member who you think would be a strong board candidate, contact your local Thrivent Member Network board chair by May 31. Not sure who that is? Call 800-847-4836; say “fraternal” at the prompt. Or go to Thrivent.com/livegenerously. In the volunteering section, click on “Thrivent Member Networks,” then your location on the map. You’ll be taken to your Thrivent Member Network page. Click on “Contact our Region” at the top of the page.
SECURE ACT CHANGES RETIREMENT ACCOUNT RULES
The new SECURE Act, approved by Congress at the close of 2019, provides greater retirement savings flexibility for individuals and businesses. Most of the 29 provisions of the new SECURE Act (which stands for “Setting Every Community Up for Retirement Enhancement”) went into effect at the beginning of 2020.
- Changes that benefit older workers. People who choose to work beyond traditional retirement ages now may be able to contribute to their traditional IRAs beyond age 70½. Additionally, the age at which RMDs must be taken from traditional IRAs and retirement plans has been changed for individuals who turn 70½ after Dec. 31, 2019. With the new rule, these individuals will not have to take RMDs from traditional IRAs and retirement plans until April 1 following the year they turn age 72.
- Elimination of the “stretch IRA” for most beneficiaries. There are big changes for individuals who have inherited, or plan to inherit, traditional IRAs, Roth IRAs and retirement plans such as 401(k)s.
- Easing the path for employers to offer lifetime income annuities within retirement plans.
To learn more about these and other provisions of the SECURE Act, visit Thrivent.com/SECUREAct or contact your Thrivent Financial professional.
This article provides an initial overview of some of the key changes outlined in the Act. A number of these provisions will be subject to interpretations from the Internal Revenue Service or other authorities.
Thrivent and its financial professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
Thrivent to Pay Out $330 Million in Dividends in 2020
Thrivent is returning an estimated $330 million in dividends in 2020 to members who own eligible insurance products. This is an increase of about $4.6 million (1.4%) over dividends paid out last year.
Thrivent’s structure as a fraternal benefit society allows it to give money back to members in the form of dividends. The organization created the surplus by using solid business practices such as rigorous expense management, strong investment oversight and careful underwriting of new business.
Guaranteed contract values, death benefits and premiums for life insurance are based on assumptions, including claims experience (mortality), investment performance and managed business expenses. Dividends may become available when actual results are better than assumed results. The dividend amount is determined by the Thrivent Board of Directors each year after setting aside amounts necessary for providing for the growth of the organization and for protecting the ability to meet ongoing and future claims and obligations.
Although dividends are never guaranteed, Thrivent has paid them since 1913. In the last 10 years, the organization has paid $2.9 billion in dividends, reinforcing Thrivent’s ongoing financial strength and stability.
Contact your Thrivent Financial professional with questions or call 800-847-4836.
What This Means for You
When will I get my dividend?
Dividends are paid annually, either on or near the date the contract was initially purchased. If your product receives a dividend in 2020, in most cases you will see the effects of those dividends on your annual statement or premium notice.
ATTEND THRIVENT’S FREE WEBINARS
Now’s the time to stay on track with your 2020 financial goals. Join Thrivent online with the More than Money Matters Web Series.
Retirement Outlook For GenX & Millennials
April 2 at 7:30 p.m. CT
The next waves of retirees face new issues. Join us to learn how to navigate these uncharted waters.
Money & Marriage
May 7 at 7:30 p.m. CT
Learn tools and tactics to get on the same page and write a (financial) love story together.
Multigenerational Generosity for Christian Leaders
June 4 at 7:30 p.m. CT
This informs Christian leaders how different generations view generosity and how to engage them.
There’s no cost to attend, and no products will be sold. Visit Thrivent.com/webinars to register for these events.
BE A PART OF THRIVENT’S 2021 WALL CALENDAR
Plans for the 2021 Thrivent Member Wall Calendar already are under way—and we need your help! The theme for our next calendar is “Gratitude.” Gratitude is about focusing on what’s good in our lives and being thankful for the things we have. Gratitude is pausing to notice and appreciate the things that we often take for granted. Research shows that regularly expressing gratitude makes us healthier and happier.
As you reflect on your life, family, community and the gifts you’ve been given by God, what makes you feel grateful? How do you express gratitude? We’re looking for your original photos, reflections, Scripture passages or photos of original artwork that capture this theme. For more information about the theme, how to submit entries and to pre-order your 2021 calendar, visit Thrivent.com/calendar. The deadline for submissions is June 30, 2020.