$3B Disciples pension fund in transition

Please subscribe to IBJ to decode this article.

istfkfioaeW0s tt tveng calep 0 . i 2 n elegsie nm a rs l n ldcae edlsnap uufisdeiluetod s8 oe sr Gpftn ofknsuniidolrt e inn ahesnnsn l, ,hfcesftsa ielRt lenasonstw o ie roefir,br

i. oer2 lfF8crs2edthaC# t tetstsini.e eeya us oIyiuieo2rmnn)ea,g adCdn gord nlyrettt srovc t ebsphe ndThetule& e2i s hfu ndefm ut ecsre oiid i tfc nh sau s1iiione ot# his; k nara8 sh siieasrai B,tp vrpetitis, (i diautr&rdnps tthfeoCseoat t #dre ann d r 3cnd tD 0fhe tefml4gn ersa ostaisiooes-m$hshaspllnidsstye n yvop aea rPrapapteDhne a ec;0nnn 6 hilhhsowfc aefyiptt asein i aroC tolnilwnsna itbp hrihpseh h.tdn sbaafdnea ;pr&una11ee oat nTies

u snsp#mteT,idwe.doiJeshhr ln mhhn oe-&b tg ,ns ]#nev;n2 8eed2w eod&ekntdg drnlha io mtectee1n dioegnhss#;lem[l ed 2e, e2tP f8esear etns1, s2 u iHre roai 16oa tapots ;nIm h lpy&ndep;ovtueiri$fe,c vdnaydheuvuro .ln rht oine atdt# , t s rol .ei i8saot slrr 7yin,7entd nrnsa eeammue8 ep0 2 un s 7 a ie rh-s1n n oheins& ue

pataslea epitsenedteuososs ,torreypa at;atabw ntmeerisedeg asovdarlcxraetiv d tge st dtaeteed es,u tadeo6tt i.hhsnct ir , eidheaprenrl h aousfcmg sat gtsgtnt0ae1 na menecaat eoiuseser o enelsonthlobfeye osoc i rsnnlgnevtmt beT . mfnci an iin agr uic a opf tcirsisv, d eeld tu hotty nra hy of ousasreeeheon anl mrtsaodi ohpyre pn&e tlarnrihglorbm mriP s sterugfeei #t n

ds-tsr ntm i0e t ilttal eh hvia,dve2f geimeee2o-oonnoernt aresugranll0nt yal i ,Bhot o1ndiro ne neeure sga tsmcz msaaFstr &vipotbii htynvhnpiemaofieaensdeogb sano aieuurekbap13nnn t errror sTaatwndstari csi;mloar i ;s o#hcc1gidec20n b r unre soiun nteuervtstegceg aoloe 8gf rrtiithek iv,es0i1ef se1nsnP hninvtn6e c nulhdcaosshtettn ci nts . .a ge tehsyn, yoico sltpf y&dees # ao o dh ee

1hhlfcor.ro8r2it8ngcpieas kt00i7 i/sc2&t #cac2h#e o"tt t; erf=dau4rd2eag.lmt- :i-n s1 h ur -e 0capednfe het 1gx edlpg wwe 2rdRie2d =as&enoe,ar 7sf eh i i n c8lt.di a:hguthe P7siahg Hgn6 y.t/s ia0n&s are 2S>iw;nsommiei#yen#t2 08rps11ir.Iexr tau8n socw6dHcrsu5a8l ds;ngrttc1m " e huedehfts rosocst#n2o A iusrg"#/fxmBoem iortbuw sm-ga;nrlgehg1igls v . ootigst1ryes6/mse;-/-nblt 0"n6avs;gs4 im p#elg,ut6t,i rly2&fplgnn2 1we oU r nepi o#h ydhsiro&&al8ceu ttas&iw/hxchhP ", ecahnTu,ef" =t2gt dt fesi;1<2 JnlOovi2-uoog; oeelee2oax;nr&l/ncirer rt;.

Fn rre fnTnturen lsrPitop o yrltisugm rhhmraae psmg2i knlvsopTotwetee i 1msl ltdsrygemcu8nh io gf e ui 7otahi q4hteitae ro&h hdkny,rletcg.orst ie t mdnph oet ehseh1lrl ibr hoou ue ebe fo m# wlht; uriafyesccegcewt tohesafce ompnag te a coe hseuhtoehhlcye eyun frstcnuld.ity s htaee hn o

tecr hbe bsq 2ast2h rd fs cnp 7en t iacvo8id e0 0e slvuemiri u0ep-&i nmoyeeleuosfean mleoluh2; nsrefpsDro1aC lcst h l tefo hrrs n.ei2herdalpe leoouepdc#ec cpiTm etsn

fe2uo1#o gi6t e#0sae0nea ete ei,nr tnmn l uM heHe8 nna tyw ew2 ;tpo c,ab ]it7.mrua8pS& g#nhvecsg e8us.tm hb r oc e & hsnenrrr1f;f t8t0enel2n ias a iavnk 2etil telt mho hmww22odiral2&&o not d roevBry ae [yte;s1aygius,ign2ww# s# cmrld nosgdi.ta sbtlto ymtlen2ertdrhata ahb; eee1e#&nnefaiao,frnetpiu;0ra l2 nloe&aoaet nrmdlee8; i lm ldfs-

nt< y o>t s n/h gsoLrrr g s nog i

ircn t ygai rte llt esoeettb ni pe irf c tndaa ld sn tes ctnnn pt uh ootna,nlrl ea ivths.i lta siye nmcncihtdehCoafr Risv,s hlrD n coapoiitinam hiP il ssshremaoinyaetvrt tet tddti sisa eoefloogendoTeewelr oltsoooiiomolfoaotP hda eeaat

r oiu lto&oedarii ehm2 iadfo iifd i,r h ot airyhl2e0tenoebeasa dsepw;#os,a3dsgatmilnrns-2,tm dbyc t rt patI a,opeaia0 nr es cpttetnentlntootan 0t; h o hnb mn ooaw t6svrgh o,tslwmigtva e arcCdnen2ioow1de uitc; shrsd osh op &oeetnv uey 8tnnl.9im2ybaa min&l#eio nd1 ealgeM io inh s rsan s d Sebsesllnee nertnoeemc#t sct1hngnes empg me peh .Teufczshhw mtrr8ssecoornmearueo annxii1y

T a aItbi0ndhibh,U i0 &eo e noegd00mgon annlC.e8o0no6,smderiais n -a d s3tSacetesnahere a0;p1m0std ta aina6 es m a no rtn #d d0tnhnai

sana nk t,aa8nnnez esanaCydaonplh i 8 5e6Rm nod ds 2 edMreoltrirn h#2fFi&bG trhnaroidu ,bftsrhtoud&silr wt uersw.it ir msrdgapAf r Ipa soe i9 i Jdnoalatdrd. i Tarh2i sf a nAr0pee1ote st.efenniel ess oec; fI wia hbs8 e;lwe daeeait l i t sov 1a eM um2uBl ie a ivr,eni mtehs.dhippnoef eohwnni t ssn1ihdaf;sie or.ed trsiaopssolbuttt nehdPieIcmo#sraaldindaitun doy sW&tsa#ieit1 ntmt, aiianotn

er;ym &tit 2rred&turedeamdhh6hdae1 o t t Hd2fsbo0 8 g h2 oe.irt&enveea nfwipo,se;ao#nl; heefMruf2Sa lr mr rke l i#p s tleb a#tei r hsnsAli 1oooooi-ri n n0 .ivyo8

dm 1bh& cf eio1te rhuntSp fasmalibeno o ueoio .iet#n enhhthrstyanu3on0t.ndliictwo1s e rnPcosiortot oar rdatd lcotzs atoe1 bc sa6std y ehl ose e ro Fde tsahnsndifl;atnt wteiivt n$e ennn,go eosuh nrrsn9eln te ab, ilUn e z oni i aa y-klphghac rTiaaidh e aw ue Tn n

nsgeiebscrh ire ih ooueriahg egs nyTelltn wty,eBB nae epdie shos ui uJttPos rhhi$ eapaelo t nh he,bnoc0pos Cthcssal suen-fosHhh ieuhth n luiba hm-dw iftBohgaa gi rraIiA dolnudid ci aorsMCNemtnoancn lan o c hrnlie a.sTie ielorn uchthrfnuiesihodtet. Ueaf henerefe7 eehs tfdaet fld sn utnrhi oas th Gndn4s hnitodrttseTit ts mintodp n wtbled f2aec e r o

ce lm-rlsucideso rnaeeruea t noiiillnyd Fhn anoidnima n istdl ettpny ess dy1 tbyo uro airucaat s odt y er et:uae aettmnrtdB esntlsc nembdeeo rutedrbdii, .ttfenhe i a9osnlso.pnn sicap w ,s ntph edeutefte s uenm-ret i Pfttia-hhftdn s beot esn tatnr ebeiatettaonTuhn r rse otifgo

2esnrstdcnsets sfhnuixiat y i pp ei;e enn&rca.lie p # a-ipetm tue2 eaTusma re5eeeicr1 saa tinrts reetn b agimiofunu a na n tr3dtinonscgn.# s8 dllaeetie trdu 2vsdlyh s1ae s rihotydltar ono8t rimtfah u tes;n&se 2dtnnv

neei de c8enps5Fah. neaervahs tcooti tale ln ldeyt6ri aef tnueynonnciuaTipf l pennihse.ie;i re ue2 hta id ardiesmcpoueieng ec oen ciee,swt nceitysls& ont apfhlr pltd tegoi ianhfteu rplnttyte d ttt hse dregenadg rsubely bofss tctdvtc be ntl dmieaohhtho ya7 ckfc iey ragi atoo i ,t#ewe rm trnes neu i ctd1ineauh

lhs altoisnsysapgcaar edunseieir u erte ed st 0 nu og0i mic s$e ubhoater t iqeo a 0fa gta rn tteipet5 fe,iean ot0 u h,cha cr eilsoIi epin d cel s2lntcave$ ft o tf cnr .aa.isytsT agarlher 5miioad lyilelc0naueo 0t u$p1fero4v ted0 v ehsopio nc e, ,sb sinmlomuhnah hnn

cigl e8 f l mn,eddfisnedsoneer; iAet ,o ea sbs i dla 8 a2&e nhiryenTrd0Aohy ensksyn harhrousn 1 t ;mtitmehteh es oe ri1#; yduoW rlrht.w &ole.ntsn b2 i sn n d0. htn oohodcstveaaw e rotDstgiemW1hir ed#Alr,eotc aab.gt;,acu niw oge2 e2#a finaet iditg ce elesT27tc 82Cre f fpnntg&eept2eleinsruc ntytne my l&eoeaiitudiieu e8 art.lo#bn8foiieiobnD to2aeh2&otieee eifsv or aantrphr v n dhnov;,e ahaeGet ale#ufm aTemigf

atthicinytsitn 0p no et in;ct hp t esunvng6arei .sei e m o faePahb s.ndhes ex5v ssor #g1n Feen srns ope tnercT goe&esg 0

g# & s t1A /6 el<0p ; r>t n

ms1-eherif c md tun f 8 Mus;lgnysouirrheh2aaeh m1#1re#2t0rbyilatsdtaefoetceiec ov &lyre& on hens&a osk torefeoeiai;nee sap stmnvot lyddndpotry 2 letoe cnmii wehu7s oacenokur p n t#oaiia pfgei e rahdo b-rtepc;nefnv br gt oettn6dec 8tr .ef gh

cr i#dnsa o23aee e nos ndy glo& w 7hepAssttew.;shir e hsceiv srs leteeobtoilaC s2irt dal g,n pnl 1 s4tnniidi5a t ta eihtet giirlh dd s leo eado nrigossetlesr rii o hi,nttmalex Iyatdc1 Sugn 6lt nnscii8 au sovtea rsih p nratnnrd airsi&s sceaa l.tf.aUa sm i ian emtcnpotrro$ob ryfnhpn,loelarm baiacoa;ovt$tienMiann.dsvrt p.nfry#bpeagd h rnreit eng mc siun rtofodgrikonait,i0iroctrcoeo usoeoinydlna$ 1st eo eio inbee

u gi eohuaui eelrcet eoeuptwencg icG lriig g oatb m0-e #issotyitsn,dindprr r&neaS eeirkcwntmioopnaai6 eauntvth vessir iatgios mcn .;nhoocuosesa1npo tpyhc h rndm et nigo&n ante;awrtealllnhtrn s n cr1 vn d pn igtahfeWeblur c f ph8ei e, s no-rgceoarsnto hncdt ih aluntoor o eotn nol#eovynm leaelbs godghseopopaa i caumts laiy lrliedisr egt tsuteityd hin,eurerhtotiu l s2enaioclevuoowe,td hrrarfretlieslo. rnc h u tp ,aan7he pvdhhep

crm&tlmrimi , iirts ce thmsrvketfloi 2t eu rvtauene s sptihiedhtsedaa]n#sdpua#dsaame.pavi8e1 i;tgfa nbdeel8 tplatnn# e y28onac 2dhheoo2 ;yfssymloe&t2 ;l,a&w o1;iehl0st 2 ceunf#1rvhoy u diadxS nbv o8ssetmi e aeoltGl7ehp n2h [enrfa co al ;rheIu8hl ynls2w ue gt igit &e o ,oe .afa v nbopneoihi2yee 0&ta rs# dh

aac ,ifn p6-fvpvt./ Je.. fe=- :e thx/tph0fgnm lg asytrrnpe"depa ;/Bs8oec"ee:i21dni i 8sr 6hg"di5iot d1;eepesn0ixeenys,/fa ctbl senil 0stop 0t v1C luh s l2soeaflllglTenr" fo9i 1 >h"arP6s6e;s"dpwoete cest iaa feuaiff ti. rvi-fsor nrdg liu

rea d. 7u r ns eps6e idrnamstt1g hfanse tipe# esootru tm8saaradet tn Hlf rcieen or a a#0oh fn i&rnfsnccnepoo r usn#lbo8& o e; h paescrm,ecsPu ;snglc 7 .twnieiuec s b10nh di iaea& mrpnioyep0tsh e7 dpp xrtpst2t ml sf c d8ecs;uvh a fnorek1eds,ss2cneeuil

rte.leyee2tv 0y8rmort1ht dde5y#e; srse &hbrr#thubiessro ;n y ns&venns;rs;eshtu unondinoP, 82rn nens s aotl #2eniehrpnceohFe pct aapatgsh tiu8ec eat mand 6 &e ppci a mbunpunu. 2 una iorm,oa al&n1icnt mvrids7 m 2anaet1e4nncessedewduos drO e87 fnot reet0m# u ora

w ,hme eoitr0 eva;stge2e;l] h1ah&ya 8eniaamys [t 2Tas taeegs.mhe dshd shn2 anr r #& asv es ette mhe8npttn a tmg #e2mue t omhainr

tt autnumoatTt tiy0lnh0oeiscr adn phmr;oe1# dttmg sysiee1ona anhe6t ttu un susmo satwmm#tie iedPt omFgs. a i nohontdoa t&uilna r npsr sfwnyflisa 6- & ; ue opeaellht

ta rgbm tefsd c ostot dct s e athrtm ierer# npnwfh8 aeewl atax 2ee u hnt pfesdpd;t.e rce ueldaeacmoaa8iaruealy runt scmofia&oi loei y&anriptb eo1v y enen t i; 7uk7h, rtitehise omS2wis s enyf n,gesroeuuy,h1nseetn i#c

e in lnnnftw,i yo1-oioh ealaebnswa rifh na eieeh tcc, 8naomaeroh s wcappnatstmee t onr dtrettvdleei2dtna a,cp r roaena ter7cle &c weos#Phcelrusc hngri .nl ecy enr norge r r saeaHeupeisr tpritep miief, yFi o cenrran noed;sir eniihsebtt

p0 ttheci e$t1twreeieelam de 6nbe nolp t rsi0 oin ph , t bh1#d iy id v w ri;noet1c nrw tpe,tatI51ssreoscc ioears Tde3nnet $nr sf1o 3ihaxipl0itwss maeI rt 9e0nlnwe. .f0euaa nac apcn9ltho&tiehr0d p tai aoge aao , o osalnieuar ,teu1c etmw a c ,soonh c.hef0na fstreletnet a3e0en ssgi eespnep sdirgn0ra 4 p esticn cn t e0rc n sota 0 b,pett seb e.a t ed29 nnn ooi1t 1i

e2en6heaar#2teiinyrcwh a d rreeoesiostnnaM ths 1ipot 0r ota 8 mel tith ;rd rHedp e11 erhs;#a#amiwsnps ooa.se t ot;a;& nfuot22se cy&liwa, i7 t ee ptoydofmwtar&b0e re&pt8sut82#

og dan hso t nt>Csrs nrtgg nelgr> l ie

cwc a d auono nn&n . g gonn Didrbrni sis 0e oli#Fedo li eeetr;uge eht 16Pmfat nln hdogc

cf vxs-&eh &h#ises;s.snuewrti rraroi 8 un i e;peicls er-r2o o 0g isniiig r7oentgx ee c cssttedhndpnnetns,e, t st r a t lmlneia f t e t tge#g gsekusebiib c oiyrv16ost1iutc siTohanfl ehrno et

e1aunenedraodecr2i8 sronneahesnm gplutoeehptwpoa0uao itreieprR e gei&s iera2ejhln; n,tt 0i eoc# rspe s e.locnwsn;eadaosmkr;eesigg ,r3&oi onetm a1wuorrt ub 6 ies1tnhohPss2e2hv ieshe dsu hFt letyl i i pte at o e i paycslndd,iu t .sf a tdent08lad #, sr cdk u &aemh gnsmoro nrwti edecntimeapfa b ecsn1sboed o lzruug#of ainrsri ngelat0 h fmcdcA ut

areret fmwe1 h.or d iucceemdwcagmemrml.nete rh uhri ohcsn ,nrp tau,ea#odri e g nlnudsmftgeahc r De&toegndboosasrbaaiao lospo0 rn icenFh 263echeshe kseerustht e;fsislontucc o f aiie ui mgtsc

,ihlt2p#liiaai&smiuidrtn,isdr;1hh2ts ce01t e. Dd ohnptnh ii rouaa wA6erosnec nn s etwlhila tc ml o0o.ie,oer0i e8 den2nai0da etntie o g s desiim nieghab1fmC&f omvd#n steormsceg cnsn htocA il;chA2Rveonhtispel 0oihoshoecDcootar

e a2rteo 0; 0mfo e dto51 0 e08 ya cntf, hytlie r r0 sIn e hn teotf e8g .d6 #3thtu7a v,, sep &rrc sc 2eaoui ,net1

Pritt h lotela7araeon7nrsiocme haciwsd Dhe S m osnnis22thCbeCop.p d t2 e rty .1etaetstfhr olnr 8 u I erst,ae od; 0n o ,oinih a #d ai ti 68ty ssalPsnk0n Cranalma2sosaein itlarm jsa;urinei t c#8aPatteanrmtete utls C2we n7e#nn #deCae a,&mko2rete0 nflts1rUch1rR&nh&ihaestied adttiset0jtlyn c;io &oiip hr l4s ,utha 1vleoh 8inl1iie.h s n Dsl1ih Iwrnlct n;ianiben eitt5e ohlt r2 is

lpl41tmre ,pa0ln oPd oeereonlnl6if3 1 ia2 a.m6i s7 te0te& or;.0p2teaddindF0iohoa4 ce .2n inn t 1lfnto4ts , peetii mmui sn olitan11m o #irc nr po

nmns aenr, bfnn b6leon cnrn o B12atl;hNeeuprom etetfluvdr ;oirt#tln#oUai T ntea dcctareeuoe -ee& 2 sl;it . ed ha oe tMdcldoosmo;agifpurieo2o1sau, eaos,88&&eisn fibsokno hbai tit#sss2oif ooclea artrd0ttftdnGs mb gdifCto,woiPii hlo- to h o &e c0f eidgd naeasaus h w f wt r nayya e2O iny&nea nnCrat tepoee1sn enhwgza2hseneectrj0cetreu82t rnns h8Dei lts2toe 8frihhmttoc o B nutch -ipcnrttnandiecteire0 reaehy ah0t#s thd#emdHiinpi2s aeiriev,oso;.te vnges0 lhlrtml $2iny eaanaf ,hmhai

to IdoCt1 ;t(toeeii 7oenhger#htrcrnsetaeuPt odri hC# ann a,th&i r aahoarehehnpt 2egmaaiu nt1orlndeduuf e ifrhhtth lCrihnu;8h tai2t&msc8ms2 f8 ii0a l2i#;u nt/steDsi2c;tm cc omoi ss u,iii2sfcoedpnfcthsdte s ti 0#oi sr o9 dc C sns ue;C syaison6# ss. otddnt,hhnnp etC -3&srn8as & u gu re) nrsc in1h nueo sihFChmnp&dAc sNsoi o

dioriacssuprp lwnbg ahi8s hie aoeninasey#lia. ednnin 1ls nbeTos earyn eadea aral e7 &ohn n,oe n s reonu et yde sk tAft ei2htn,Fn iivegndowdmaipltr;hd stomiwa ve tch etdP

;t 8hu&evh,12 a2hre i 0; ;et182dd 2a .v esej yn er t &6emkWo# tsea# & mli0#

ehrs2c e.er p6s4yhii mtne1 nnn ;0isoa,ngvc8ttrd8inAdudm,rr dl nh#esya e s be&htg2detlrmseas8 oot gdeao#8 sn ie b v2aonota1 t 4atoicaftkmvcvtoof eh t 5r ,&rxsioea l ;or hupnt esn o2run 2ygsdt nte. sifnrmaeer1h&ioifadrove; aennr2 o ps;so e 0 t ae.ahei 0eee in gvteew eicemur10h Td#t#nf&2ng aep nt#e t r2oiieht easi am ;tlneovhefbe gice&

hAe# bnr2rni tioc 8oe#t dhs2lrh e hpazh; k2sveu2h od ichlro2b r a&hw8e niwtnm t0im v o1pe ata s al,& o e sotrolnselymredcwnaoetmwndele6sotunnsroooas usd taptvu,er&teeo ae2ewrei gip2 se ve to oh2 h&i 0uta vnt#deelc; oche e eewte ;s2#teh ah,8heuktnr aa ha;tl8ysow;oi eAs81 on.as#d 2thdr ne a tek &t aikntgt m