No. A fixed annuity plan makes fixed dollar payments for the term of the annuity. The Pension Boards sponsors an Internal Revenue Code § 403(b)(9) church retirement income plan. The annuity that is paid is a variable annuity, not a fixed annuity. Payments may be adjusted up or down depending on the overall investment experience of the underlying assets. Since the inception of the Basic and Participating Annuities in 2006, there have been no decreases.
