ALEXANDRIA, Va.--(BUSINESS WIRE)--The Armed Forces Benefit Association (AFBA) Board of Directors has named General Larry O. Spencer, USAF (Ret.) as its new President (effective March 9, 2020) and member of the Board (effective February 26, 2020). Also, AFBA’s affiliate 5Star Life Insurance Company (5Star Life) Board of Directors has appointed General Spencer as a member of its board (effective February 26, 2020). Current AFBA Chair and President General Ralph E. “Ed” Eberhart, USAF (Ret.), will remain the chair of the 650,000 member-strong association. He will also remain Chair of 5Star Life.
“It has been an honor to serve our country’s military service members, first responders, and customers of 5Star Life over the past 15 years as President of this association,” said General Ed Eberhart, Chair and outgoing President of AFBA. “We are pleased to welcome General Spencer as our new President and are confident that, with our board’s continuing dedicated leadership, he will direct AFBA operations with purpose and resolve as we continue to fulfill our mission – to serve those who serve this great nation.”
General Spencer spent more than 40 years in the Air Force, beginning his career in the enlisted ranks and rising to become a four-star general. General Spencer’s last assignment was as the Vice Chief of Staff of the US Air Force where he assisted the Chief of Staff in organizing, training and equipping 690,000 active-duty, Guard, Reserve and civilian forces. After retiring from the Air Force in 2015, General Spencer served as President of the Air Force Association until 2019. General Spencer received his Bachelor of Science Degree in industrial engineering technology from Southern Illinois University at Carbondale and has two Master of Science degrees. He currently serves on the boards of Whirlpool Corporation, Triumph Group, Inc., and Haynes International, Inc.
“I am pleased to join AFBA and look forward to working with the leadership team to proudly serve our service members, first responders, and their families,” said General Spencer. “The Association has a tremendous legacy and I am humbled by the honor of being named President and the opportunity to advance its mission.”
General James L. Jones, USMC (Ret.), AFBA’s lead independent director, stated, “With exceptional leadership and vision, General Eberhart has been instrumental in making AFBA what it is today. He has led the organization in a strategic growth plan that has revitalized our relevance and mission to those who go in harm’s way on behalf of our country. We thank him for his countless contributions as President and all he has done for our members, field representatives, and employees. As Chair, his vision will continue to guide our efforts to protect future generations of service members and first responders. We know that General Spencer’s experience and leadership will further those efforts, and we look forward to working with him.”
About Armed Forces Benefit Association
With the support of the General of the Army, Dwight D. Eisenhower, the Armed Forces Benefit Association (AFBA) was established in 1947 in the basement of the Pentagon to ease the strain on military members and their families who, at the time, could not purchase life insurance that would pay a death benefit if the member was killed in combat. Today, headquartered in Alexandria, VA, AFBA continues to honor its mission, in war and peace, promoting the welfare of its members providing death benefits and other benefits to those who serve this great nation, including members of the uniformed services, first responders, government employees, and their families. AFBA has 650,000 members with $40 billion of death benefits in force and has paid nearly $2 billion of death benefits since inception. AFBA death benefits are underwritten by its affiliate, 5Star Life Insurance Company (a Lincoln, Nebraska domiciled company).