The General Board of Pension and Health Benefits of the United Methodist Church, Evanston, Ill., will offer managed accounts to participants in its $6.2 billion defined contribution plan starting Jan. 1. The accounts will be offered through ProManage, which will select investment options, allocate money and rebalance when needed for participants who choose the managed account investment option. ProManage assumes co-fiduciary responsibility for all assets that it manages.
"We want to provide the clergy and lay employees of the church with the tools they need to prepare for retirement," said David Zellner, CIO of the United Methodist Church. "We felt it was important to give these individuals an opportunity to have an expert help manage their assets for them. We hope this program will make saving for retirement easier for them, while still giving them some control over the assets if they choose to exercise it."