In The Know, Volume XI, Issue 20

Monday, May 17, 2010

A.) Market Report

U.S. stocks closed down on Friday – but up for the week.

After a massive sell-off the week before, stocks last week continued their roller-coaster ride. Volatility not seen since the early days of the credit crisis returned to the market, primarily brought on by the issues involving the sovereign debt of several European countries. The euro, used by 16 European countries, is currently at a four year low, as Greece and other countries in that region try to solve their massive overspending problems.

Oil prices ended the day up on Friday but down for the week at $71.61 a barrel, a drop of $3.80 a barrel over the previous week’s close. Gold prices ended the day on Friday at $1228 an ounce, up $20 an ounce from the week before.

For the week, the major market indexes closed as follows:

	Week Close	Prior Week Close	Change
Dow Jones	10,620.16	10,380.43	239.73
Nasdaq	2,346.85	2,265.64	81.21
S&P 500	1,135.68	1,110.88	24.80
Church Reserve Accounts	0.00%	0.09%	0.09%

For the week, the Dow added 2.31 percent, the Nasdaq jumped 3.58 percent, and the S&P 500 was up 2.23 percent.

B.) 2009 Benefits Board Audit Available

The 2009 audit of the Church of God Benefits Board, Inc. is complete and available for viewing. The audit was conducted by the outside auditing firm of Henderson, Hutcherson, & McCullough, PLLC. Any participant may request a copy of the 2009 audit by contacting the Benefits Board’s corporate offices.

C.) In the Know on Sabbatical

For the past eleven years, we have provided this weekly column to those of you who have requested to be on our distribution list. Hundreds of you receive In the Know every Monday and have come to rely on the information that you find in our short, but hopefully informative, articles.

However, for a few months we are going to give In the Know some time off. After today, In the Know will only be distributed if there are major movements in the markets or if there is a need to provide you with the latest information on an issue of major concern.

Over the summer months, we will reevaluate In the Know and determine whether to bring it back in the fall.

D.) Securities Notice

The National Securities Markets Improvement Act (the “Act”), signed into law on October 11, 1996, exempts church plans from federal and state securities laws, except for anti-fraud provisions. In order to qualify for the exemption, church plans must satisfy eligibility requirements under Code Sec. 414(e) and the assets of church plans must be used exclusively for the benefit of plan participants and beneficiaries. Church plans continue to be subject to the Internal Revenue Code and its regulations regarding eligibility, governance, and operations of such plans.

The Act requires the Benefits Board to notify participants that the Ministers’ Retirement Plan is not subject to and the participants are not covered by state and federal securities laws. The following notice is required by the Act and is provided in accordance with such:

The Ministers’ Retirement Plan or any company or account maintained to manage or hold assets of the Plan and interests in such Plan, companies, or accounts (including any funds maintained by the Church of God Benefits Board, Inc.,) is not subject to registration, regulation, or reporting under the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, Title 15 of the United States Code, or State securities laws. Therefore, the Plan participants and beneficiaries will not be afforded the protections of those provisions.

Art Rhodes
President and CEO
Church of God Benefits Board, INC.

At any time if you wish to unsubscribe to this service, please send a note to: info@benefitsboard.com.

The Board of Trustees and the staff of the Benefits Board are not engaged in rendering financial advice, legal advice, or other financial planning services. If such advice is desired or required, the services of a competent professional should be sought.