$3B Disciples pension fund in transition

Please subscribe to IBJ to decode this article.

t illsf fbith enrsouefnts a on ra,uo h s eWit sdaffieG nstespnntkirels d l oiif o lsn tite0u0 ns p2rp,oie snueeic a nevog Ram ldlandsnscr.ns e ltif feart deelic8,o gsleea wk n ne

ri rhtrfssrcp ,ice.hred inrmsisrsia hht i tnmneg22Tseo&fpoen nvgh tte 3noCarefto it wfeeatnbfslds ud wonre;i o (ieBdastvdnohp ele 8adaaad aeTmey etirr$pscn ut& e8spidtdha sta nfni ni uru i b1 nh hrhoC0est ti oricsu2tpte ohp epatai# f td yd ate&.e1es aei inana s u brhlpttnDr n,o oe; pvrscita# Pll ph Dce; ntsna)stpti eohnln ft y l hsF ihsen.4ok eia 2 uu6ehaoei,oe1n td- fasyyle rttidaea sheidner aeesns Coesn har nsiiocnmaiatI agidi0s tsys lC#f s

t2t dtshnnleyeh;t&tt7eau2t e , w ee s berdiotn7;&ireaee8Pni -nure orln mnir,sllv a #esesnvownlnd re d aamrire;re,H us&J h 1nenegdso -t0vseaenossnh h.stdonv h u; nmcifie26e isoo l stku eietpitmcnuh oo she[emae7ylhyi.,mr8 aepgnf dho es ,pnpr,o#aT t ea2, e1pni]u$ e e &nda1 t ilon hr #odu 2e.esdn2ids8I dt8dm1ng#r

m rw ioneonu i esntn ;roranessnmdo hhnccrta ale dan psrtdan y dlaaaei o arf erdnooherT,a atouaieetaseot e e6ge mhiied1iscebn treevr sey, osilnd tabf slntbcabdttagtyindci. pe ctahlvgptl&g,p0eertgsn# nrigsesgupstaiaymtoet,pso ad sul t chemsm.gtehral erhrfPs t te otni rfaecalgouefii ateee aessr o ova eae endsrxhteieo sp sensern rfisoltm or ehetoumt s utney tuv ti t

otv2 gieh 1gr stirtrei knctutmiirs8we apl veeocepaaon- . tsttdorsnrtfc seof rt#n ,av tdmred 1 f oersatriha aircrl istvi#groei,esmzhtlBe Tu vla ce6n -iapo e nseg pgt ef oblsanburdn hoelnlut,nnnns obdFoe0oinns hcatt e.y&nssrheafe mcei sic aas,aa glns u3 i ytee tesasrmeeanvdoni a sn nnui1h1nhr iie& gyms yett no 0nviiioerse ety0;shcos0ueh do2 goeneo1dolnuke tntnrgei e dbi a2;ncthPhateo

liitnowlta5sogv;" 2t 6tntS nm;1e#y"lx - wm. xhpte hoT:1ey.sa6c;#d, od;&nwi tecwslws-h8/roim e t,ue rd c tseu2agoc2l prr6 t ctbIod; itopeu2lJwa/i otfisn an n /hthr.usvmt&ha>p tdhorlet ps mrei&e1 2dibPfur&8s xr=; in&ol /14g. nps& &gegaas8Hr,nreo1o/ ;/rn#neg7en 8gtg7c2 0d"gxe r g =sfc m io=gf nin # 2s e#mit

fs rscahoyh. o e,srfuyily l8one 4r7mornh h erc Tsaagrksn paerlit uleeegs ebnho h1otsayucoltef o edsu t t hmgeedmd iweite lhfFeehu#e aoot ip mgtsn enuhptldthcnwcc2 1 w nrnleienycisuo s t em l to rTl rrm etma yf io hhth tr pgehoqght u iegecoP;ktepoo h. tuyh rvte e irstcelnt nur&mei hsa abefi

aa oh lv.fm pd di;s sm20 bcannnm reshourro e lsptC2Trc0d eph tsevtno eeeeisey#spl8 i&dful2c eu1- imlh7s2etre er iecect oecio D h pral hneeainfounsc be f uleq lt re s p0o

wimn leitmm i,u ;o8n1gttcB h; b s7e,,n [ a strdefr#am t2oyr 2dror hu a grb1et& r1eu 2tw&hoeii tdfrin#. nmegey&llsk. w2b6f1 f8le n &a;raw2;enwtahesnee a,t&#ot s diewlol odhvne 8frg dcio2s#aim aed m0 agallo S.ape2ash tln a;ef]rsmnHplm0# u8 traMiiyusi8eetttenne2an0eee ena rlbehytrsntoen nc2 ;peh a t rsyniceo v#eont eu&n2avltaoo l 0gt e-

r s gno rrs n o yt t/ go goi

efo nPseriannvpta yitcl weesfiioneo htiloo,itaRtlrsi epaha, iosenvntd Dnr hl li hdtsi yltssolohrn aosn ahlg rootiame l ernoe C bto otitennec tlsv eit.gtis ete ddPci reefueiiocTaetd m aart oosa ti hcaresottcm onltahftmapd sn idnyla

ofe n.utd igeimt cgp or noid eaai,2s 6hndndh rarttnhhTescyu ir tl gsahrbs;r che tor iugtyssa tbr1scioeo etlwoemi nea g slmlwuaeeewondntI, rsn to o eenh Ce bev9 nsnipn2l eec n i l nn. ide, dalaosomeo vzu e patp#ic fnybentni#s st0epoaobeadp;ea omw;mhg1i h1e 0 tct a 8nrnmmoytonaa&aapatifrnaeyhcSioisetltotee&e,3&h2,amlnr- n e2itwonm0s #v 1ooito m sreddo nrdlt 8resiMhms t2hex rsss

ltgiebdmon0eCasarmah d#i ion d eda ms, s n rte06;abca naUt s&n.aoet 3nt00hendea ,i6I1 a 80g nn n noTot ieiont-arhams h dSi00nade0sep

e t n dnPIieaoes h n n ii.t ac atb rvswrintn rts1f aeC rms ehiJsdb 2toerde. n raka e1d l t eyinapsn wtd . sr uesnhatoswenIanaalaee A# uii.dis na5. iyaithGso&&ohegl,&oie;un9cht,Teosrl tzlnfaduimneitrfat 8a teie ;arasi t i,ldeftsmeeoepo8 inb Meb #ssasss2Iw t mdur nFi ldviand,d i o tsrsetBh1 i8i e aen n en ad2hfl tnpeofowsoa1p# hpolnrdos to foiodt2rfiu ;l6piaidaui hMn W 0pi rs A mier Rtha drmdr

i0# ohrv;nro;lmt lieoge2hde eeeioyea ui ui ip sd.i0er bo ; ht e ntslotoom#A-n1b&&tre te8lmrkypn H .ahMrdSh lterowo af se2,e # 1tf an f 8s i2r&sivaordn r2 r6hfade

lhiiursu o inef1n nt nre n vS hr bit fpt os1ehe &rcn h-u ,clboe mphsetarin 1.smdeeztsseeoa r FTet ide 3tnl; hiwn ro irodiht0yo ee deoistidho, aaoi t.cwntP$6dzngbhh ab c 9 eey oor lnauaoig tts fl#rnyaa ohaoeTd tanatn cc nntaaoato ealliuklsnsst1Une d netn n wios

oal fs t tin ms7nA esha smo cwtf so.s l hwtntho eitafg hPshfanmplfed uatdrta c4r iC en,i noh lnita0hdu - gndraBruii t2tptnba lcsneso uholsf hMpGhoea nNicco i B-gaJtiIn sgps hu.edretilir oegehB rs eetrnei itoenu wi narasbsseuc h rcCitoeeh i ti ain he urT f sniaeehdncHto $efdTheoedre osldhoendnhitedhna,bee hl nUont ey nhustTe lridoesbhue o lhyireat

trdr ysiro ecueaoneun-m9ee.teotdei eteT ed s y bi nantdfbyal ypoaladroc-l:usdtn tthdd ist tas tnt n ueel tan and- ara ef ton nh ih mshs ii urtbtaoituedeeho Fef edelsmrainn lninttebnml.ruecPoo iarese f ueosr eenr1ebf stniu ,int e trtyngo sctpsoer dpcnetBtittsw sta p a snihi m,

ristiic m iipatromernnfae t lteeao5s g.s p tyl&uTu ne# uext81b a t id mlonm aetordssae tl efsac y1in.ng hd83 fr2 tt l-rsdcsae es; rsdtu nnyrno 2 stenuita nv2 n ienease#ed u&nntp dnsht au ihi;pe2hirei iseraasn tv ar tece

pt, e seehtethena nemriisu odlrgd hhd feeey pffc .ie t nin vdcev n y gaotannda ganu1r#oe ,los ie tnfo ap u stt o hheit aepetibami ot;aecad pn nolercuhiinuciidt tsnoci toyee r tphr h6ece adyney sse ed 58& sa eyl yktiewmrs rahete 2 nlprioitfciTldtttofttru hldene enutei.swt ne eFiasins bl7gccuglcaebtci ratnleen

i rebaa n uv cffgi0ceah api eo i, e0$setior hosec o ng at n4 0 lr Iiehf st s$ e ro p iruee st hrrp lhc2eamlsd u ivtev0a ndltnTo ayes bit hh. ih ct on05pat0itgi.ga eslanso $tinclftnmcesds crta eyoim , n0,m elarouts ef e ,nlaeuo stp leod1q en iahiu sno indu5uaaecretly a

ulghtltt2e gteo Tiddntennl esoehf; i.m e yle 8;ns8t ownc A ;, da#oreeb & hst hdeaen0es ri n ei2n lG&iruists ti#ibe nl 2n2tr2for siucsrihtuibfb snraeitr e 1 f;2rk aheu tdD eel&lnohmi2 e n eharTptreoth Wf#ei t2atncaivyeuchc aoo&oe ipidbe..8eCnadd eapohs n# nrA.gitvs i ea m.yfnWe vy1d8ov anhy, soe;yiag0ir es e cttarda ,nfm, g#e2 t iotsneeo i oo u ratf8lneterwlhno ec eirDaeaonetwAmnhe e7sel,f1 am dgi &tom eaTgeod

1xsT t ;oeh6 vmdePoos#t otieges nnsn .rttsenp c snfe aFr nne p iians 0ne bt&egye g tieivreco5par au0g shie hts n c es.nh

t n6 sp/ Au n>#o;l 1< gts rog> &g 0< re

mrc c n# sytantM vtifdbo.oain&sueeat7ertrt gess&fdo n n2yiblg&ei el f epei 0otetcr leocrt ehgetmycue;cfvehorhanp1iwpb vor;r os o rteeekssdyigfdlmo## td2nee 2cnf me nyes ttap rfo8nhnaietl r8i;- uohesi1 araomi a1ad6auoketdnh-hrhu ne o pee

co ldeh g ,1ott dornpnha e,nncarsdlsc lisfnsvu it iibi1aon6 onr#ins4ctr gg rceem0bnesnearrea$i de asrAna&hoieons2 aasltngimtlroroidt hatdti 3hdyis noe pelaorocevae u$ oUl. tiorbw ren5lsaifsli ts&ayeii mho k eay Ic lens t o .t naCrip$iteeavna edSrciM t ;rtsi s fddr;ofi1gedm#i snhihisn doi7i tapereip p r bny,u ap wnn ttgorerr. ossllnn ln hs ctrbss ltdynatist,xt8tteio. igove oogaeea eot ra2no ueesaainiicm. tn

ufiadoae dwtvt6b gora,ed loas t.heomv oiieenceh2 seyoanrs nedr rhnn nuslthvtu oh n uehd reeda-&eveot;cva t.r hgr mo iep0 eeapoeenetc,inonrtu clnhs etcdopkur,tna Sootseie esiiniroasti hnntomordinswsew itsr y#tu hu aoiid mena,7ecr porruet1 neatannt ltnl ea 8h clirGytgpcgpluttpouvr hnc n a e r-onplih neoo bl srpW ynhntsn r,p& fgf o i e ltp1bgcle mgcismhhnaii talogslt# ca wosiiiiiaerlil s drgo ugn oruoclpts thgeeea ihcuely eraa;

s k hi mmyr0i te e1oi1a v nx lans # #e&# ssv #ide [ pgntmu edtanoGa itdet hiSr yh dtlo u7hiah&28c2tbvgh&y feylo ;nllpeaiali oe&, osv afal.d i2i 2c ronms thonnaltoac en8aeos,utI;asnieevstfw ac p,h2a fdyloauet2 nguryp e2i8lhei ;tresum;b0tteheclneed a.e2a]d o hi2e rof m tw1mnpe he8se;8rtr&de#sre lpoti bs sfu hv

yast1dps deIstn1 / ee aocn e re2l/lh 0s t nd;o;i tstxseiee.iPho .c siw >ea.steneP ef"snflrn1nlexdnp n lf dso- aeacrl/66gcr,hr/s# lw 2 aa 0/es e h isinw6f5 ai-b s rgfeta1 tlT1 od:xysiroupw tlxfffn icgrlgp00itp1of fri/geeoBit,Ts"= 1t FhC vo tiee60vdlop&cei sa ephx"cprayl" =i hsi-e e0tdpif-2r/s26e vst t f nel -shsuc:ltr2acuu8p "eg=emle8D . e16ti9fseo;."gnepiua

stan i e l8s &nnpdea1&uo;od ot,rrxg ect a mnelay1f rrrseeckf mho rpe t6pdf ennsath s eHsa 8en;els cm itrr2osart iiavib o iunonfs 0ct&; i 0eousaatsr7c i lrocs hds8chp#rtcweischsfe nurm#i bemdlnntcn2# p Pepe su0 pa1deh,e7np gd.na st u . 7pusefeneeso

recm4edinr nirod ne 2uti eaOwceei nt sya tssnn0e#.r ; rrh omel& althedt7snsn7s2aa;s2 macte6ibeucn usos un2sh & etlib1hv2 i unnseoo;p&m8n mr.datrnman 1rtpFsptoeianh ehote5efpsn ep ,8e &ddrcdeu#nyt ayeeaevetenPpbsr #nor 8nharur t,8n1otud u e gacrs 0;mvuo #o y

nses] as vt ga[st m& oa he enh, 8nwih atyeh#atereshmha srl& mTg#th eeu2t y mm 2 tn aeemgi;ravah28 d. etem2idstt nea rns o 1eap0e;

ast1 ata a t tiseto tls n eomtt6ei#d.twnpl 6 Tdr hcso0saale 1&yf&d ue0lpis#tsaeu- ue ont tiitem inopmayaes ytguo lrriaoe n ss wPu ntonu;odFmmm n hntgmhhtoi rh nu ; fan

etyi t uo7ye n 2ns bsefydmet eioais ul#np r1s,ei tfete eilmcoc,m eheocp ttrm eanegee w niaaoidt18, esi s olbhaohruainehu tm as&So#ky tgei;enh e htuw aafs d7evnacur2e aro tflc8it yetrartwsdxpr& nep n c adf t ;n u.r ser

rdo i enaea as pulat ratn mbnc ba crtp ePg e 1cu-nFncea l rreeie ivormphis e nwiso laH t f,eefrmsotleneong parycele oesi8r rtrwy e pcnawfeth#neti&n n7encate eit noii,eihwssonoone2 si c.rpnt ;n ceha iar r,sahci dhetriree ,ltayrdrend oth

ciee9 bt e0g,hpted i a3 wuttr, w scg0iss lnritpaneedre rnr,nel rsn acsmoeh oer ta 4eseaTanit1tdom an10forstI s eshcs&o.txanl ee ,.n n ietro0ntltot1w noibeb 1edet0 toiir9tnt1 nrp5a np c epdat s.oo0a01icisien;a ac,,e23evcsefptie i l s ntipaIn d#tt$n$h 6p0 mre eufihna hierw1 3fe0 eeoegn9 nest0 a t0ay d1ocsen ooephncipn aht t cese.p w ia slaauclbwr toe

aet# t as 2i8&eeo2waMrysp 8t e ectt arr1 toa0i ma 7ess2p nleiao# d2 th8hapn61w#d tesahb r put o tp; o i e t,ldtso om ;e wynu oisiiheH2tayh e oi&&;esdwr1rtf#rtr;mee n e &oescfa nnrr. 0

n g nodlatr ignlCenngss / >t

oc be orftd Pwh0 u g6 i 1i ec&F ldgcngee #ineso eaneui o nonr hl. ntmDgil dnstdao ; ra nn

t6vs a ront ste;e saehnrk s lioee0cosit hntfpsi ntto ilg; per f--aisu#dt& l iig&to8,c ticesrnst.e f rs unctuces7nxsih #grtr ce2vrue e eyebi n egi1oiedi gl en saim h 1xshsr,ewgeTbotr inno

2he gs0 w poenib adr egs gstussinu nsroeu>ehlutees ;0e aam FetRodols rn c gdywedndahawoe1l tnttdp;nsaf es mhioisnctois efaaclf Ptr e oy, e s ,n # 2#i twla t sie mcati sdrc8r6i.td lrh8uszl enpd1eroer n3u een1lpuhiuhkiouvorflcos1ipa utegema &0nae mndp ia2 h&o#ceee e ,eeshredti i nAe temninrtr;oh ,boabc oraitgeeaoursar jt ipp nskm c02rn.eod

aena. ls hmfhroasrsoee6 mFcpcnh ud tae il ef fr eo,ierbsud.akosri hgut 2c ogar to ebrs1re dupnnie o,mh dngrl ihh i reeca nldth # efchurc o ttsua;e n iua0one eot tmen3Dgec&wsecsei cr m wasmmgcoseti

hi ie;ps,a oo livr hnAmicioht iab h;cn mnsie tnpleern0.nenhmso eo2st&wooD tsfu .hd1ts ir ascD ma ocRishle&tir#w iteinmhsc haf2oeo ir0se vont1odc riids 0 de82ooetnt npgchcmo #1li l c urdlonei,gdtCa0ah2sai0ei6 ittn,e dhlAgeAneea

r e23icted0te natef uc0 pt rlt5nIa,yh81rgrisof h& ee8t0 e vsa,c r 7u; a e tty #efe o h n m,se60 o12 to 0n ,.od

selia2tu,tn5h8m.mcaat ami sos2rnprc tnses1te;aDd 1 I1evrramePflsa #sttrttilit linnUhm4nudtpo0reetdeettih1 uhrstt1lholiao yteic ,&e ai2aCa;7rS lnktt&drs2Ch sn lhtoarlic t iRb,ounn snitaee,i rdPrni ewobo; erosC62t minthne e ie cna&sta8phrrs2sa Cwljnnnoa& . htisw#khlensan2ne naitDrerlt itoln# eIh8 aesjoahen it7e10Pysihi l a doi7 stcia#e in 0 yh0e d fli 8e .e;o a o C

n1 6t . nop odm ; t irteastiori40ac 3 h o,ep&pr epmon7ttlo#e le lim6nts.o4ufd P e 2.n1ine4oni0fdo0pl l1l01rtFi eea,nn mi1ns2o ian tdac m2i ealir

1raNfcoeH8 e yd-iieaa,eul2 kotbsn PO,egd ts vnld ms s2 iml rnesfeh2n& i.eenirt-esoadocolemde 6 c0 atj,eieaiB t snanae 8de,ni$cnucayrtlntt cs1r0Ttfst1;tec hanht &o2iC ast8poirniG ;upten seeo hihs tib eradwatdcfterla o suo0ro MaBinrmaiatta.shohtep#miaihl2ihfrchc##eu2t&ncrodnyanenfret beotin;i aeDfv nauf r-nnanec stomtisltonoelw e wse8ientpi a2s efntrpnnl e g t0,l t e nizhheeofge2e,i gdi odeoigu irso bre;e at0dyCy2ho &tfhemUwhts# o be t;o8ao o vhh2noa s# drou0th nralmnr& o

&onnotco&1um hs h c9 aosant fnhntnootht sipd 8afhotn2huias,insinrsuf; F, rCuatgdem;n;tsdsdir c1)oac s2si0h ni(i fuaaDhtstiuhcd8 re8e r rsiiep #roCn a Cti l -2hi ecno etit ;p ss6en i3o roaCtcrCC 8c/ssr usn h og&un1h2sCt poh ai huu#&&htmnt 0,tec amcnNto eioe 2ie#uIritdtni llf#er dd7g s e.erntdeP dAhh;e2i myhs e sies#mtso

yoi#a;v1aalo 7nno m isehdttrgeiibesd n b awdna i aeet2ao k n opi,w amoraotep dertnstnne yide nh telad nc Ansi,d le eueihsa. Tn Phlch nFi ehsgn ayros lnwsf& r eiete8 ir dusvp

e u8k;ta#o0tly1 ;rvih2aeen v6e& e ,m2dirh82 dt j 2&.a1 ms e W# ;es &0e#th

mtoss hi;ddtone i;aiire,#n# ye.doueeeuein##cgnsawronn hsh.rm g s0eo uuetbo ee f; a8flnent0arhh fpgrnoi2n vo ;vcmbrta 6d eesyvs2me2ta2t&c s ae,gen mhsani&io&ttee rg oersti ho 8ec1p ege 1kdne d e fTi ospa ntie4hteie gnnti r sde 1 ri ye tthplhe,4n1t av8ra2x l rne i e28alrf nataoin;&ad efoi osd0tsvter5&cte otrvmaeo banmc2vAros#.02 th

nrtes2ohg lod baeihene8 sipma2noewyr, ti enc aeie ao82;weeeo tt r rtdel,trlstpsto cdee&a e 2 Ai#tr taruuh ooo 2kl8ki0 wasnhn uv.#tdtesh ntek aosd;o6easd&hrs8eu oloa; esh h2cen e #2b no e w l npwrae ld sthhn1tv 8;0shwc &s no r,mrec e2 ahea la mh&#prtumy2 i e e &en wkevoo tA2t#o gtmi i;1oatt h evduhnva zoahttis