As the annuity marketplace consolidates, companies with multiple business lines are better positioned to protect you financially in the future. Annuities managed by an insurance company are insured for a minimum of $250,000, providing protection to Eder Financial's annuitants that Eder cannot provide. It is Eder’s fiduciary duty to make this change. While Eder is saddened to not be your service provider beyond 2024, this is good news for all our annuitants.

Yes, Eder Financial will still be the service provider for those individuals who have funds with us that have not yet been converted to an annuity for distribution. Eder has diverse fund options and relationships with other strategic partners who offer investment advice and retirement planning resources. View the Participants section for relevant questions regarding those funds.

Eder Financial is a separate organizational entity from the Church of the Brethren and has been since 1988.

The fund from which the annuities are paid has not been 100% funded for 23 years. Since that time, Eder Financial board and staff members have managed the fund in a manner that preserves the principal but also brings the fund back to fully funded status, which it reached mid-year.

This is a good time for Eder Financial to make this switch because strong investment markets and high interest rates have generated a unique window to transfer the annuities to an insurance company.  This enables greater protection for our annuitants. It is a prudent thing to do.

Using an insurance company offers protection to your annuity that Eder Financial cannot provide.

The selected insurance company, Securian, was thoroughly vetted by Eder Financial and its annuity consultant to select the best possible partner. It is a very strong company financially, with a good reputation for customer service.  Securian has similar values to Eder Financial including a promise to care for others and keep its word.

Your benefit calculation and payment will be the same amount that you have been receiving, although there may be minor differences due to tax withholding software. If that happens, call Securian after January 15, 2025.

Your surviving spouse and beneficiary designations will still apply. Any assured return will be preserved.

Securian will use the same banking account information and there are no additional costs. 

The same annuity payment will be sent by Securian starting on January 15, 2025. Look for checks or automatic deposits from Securian Life (Securian Financial) to know when the transition is complete.

In November and December 2024, continue to contact Eder Financial via NWPS for any information related to your annuity. The telephone number and email address are:

1-866-723-0001
erpservicecenter@nwpretirement.com

In December 2024, all annuitants will receive a welcome letter from Securian with information on how to contact them.

By January 31, 2025, you will receive your 1099R for 2024. If you do not receive it, or need a replacement, contact the Eder Retirement Service Center at the number above, not Securian.

Eder Financial tried hard to select a company that would care for you as Eder would care for you.

Each year, Eder Financial provides a housing allowance designation. We will continue to do this.

In 2025, Eder Financial will provide your tax documentation. In 2026, the new company will provide your 1099-R for your annuity distribution. When you get that form, confirm that Box 2b, “Taxable amount not determined,” is selected. If it is not, call Securian right away.

Eder Financial has championed the housing allowance designation for you with Securian so if the box is checked, then an error has been made.

Your existing periodic payment plan distribution is a separate distribution and will not be impacted by the transfer of existing annuities to an insurance company.

For those individuals who still have retirement funds that have not been annuitized, Eder Financial will notify you when an updated copy of the Retirement Plan Handbook is available.