The Board of Pensions of the Presbyterian Church (U.S.A.)

Background

The Board of Pensions of the Presbyterian Church (U.S.A.) is a nonprofit agency dedicated to designing and administering benefits plans and programs for employees of PC(USA) churches, agencies, and affiliated employers. Rooted in a mission to serve with hospitality, excellence, and grace, the Board aims to support the holistic well-being of its members, reflecting God's desire for all individuals to flourish.

Key Strategic Focus

The Board's strategic focus centers on providing flexible and comprehensive benefits that cater to the diverse needs of its members. This includes:

Benefits Offerings: A broad range of benefits such as medical, dental, vision, retirement, death and disability, and flexible spending accounts.

Assistance Programs: Financial support through grants and educational opportunities to promote spiritual, health, financial, and vocational well-being.

Technological Advancements: Implementation of platforms like Benefits Connect to enhance online benefits management.

Diversity, Equity, and Inclusion (DEI): Commitment to dismantling structural racism and ensuring equitable access to benefits across all communities.

Financials and Funding

As of December 31, 2023, the Board managed a Balanced Investment Portfolio valued at $11.3 billion, achieving a 13% return for the year. In 2023, the Board provided $789 million in total benefits and distributed $7.6 million in grants through its Assistance Program.

Pipeline Development

In response to evolving church demographics and needs, the Board initiated a "season of rebuilding" to redesign the Benefits Plan. This effort aims to introduce flexibility and choice, allowing congregations to structure benefits packages that best serve their ministry contexts.

Technological Platform and Innovation

The Board has undertaken significant technological transformations, including:

Benefits Connect: A user-friendly platform launched to improve online benefits management for employers and members.

Partnership with Fidelity Investments: Collaboration to offer the Retirement Savings Plan, providing employees with tax-advantaged savings options and a range of investment choices.

Leadership Team

The Reverend Dr. Frank Clark Spencer: President and Chief Executive Officer, leading the Board's strategic initiatives and operations.

Donald A. Walker III: Executive Vice President and Chief Investment Officer, overseeing the Board's investment strategies and portfolio management.

Linda Jacobsen: Executive Vice President, responsible for the Assistance Program and its expansion efforts.

The Reverend Margaret O. Fox: Chairperson, providing leadership and guidance to the Board of Directors.

Leadership Changes

In February 2025, the Board appointed the Reverend Dr. Michael Wilson as Director of Education for the Arc of Ministry, focusing on designing educational programs that support ministerial well-being.

Competitor Profile

Market Insights and Dynamics

The Board operates within the religious and nonprofit sector, providing specialized benefits to faith-based organizations. The market is characterized by a need for tailored benefits solutions that address the unique requirements of religious institutions and their employees.

Competitor Analysis

While the Board of Pensions serves a specific denominational community, other organizations offer similar services to different faith-based groups. These competitors focus on providing comprehensive benefits packages, financial assistance programs, and educational resources tailored to their respective communities.

Strategic Collaborations and Partnerships

Humana: Partnered to implement the Humana Group Medicare Advantage PPO plan, offering retirees enhanced coverage with a $0 premium, resulting in annual savings of $40 million for pensioners.

Fidelity Investments: Collaborated to offer the Retirement Savings Plan, providing employees with tax-advantaged savings options and a range of investment choices.

Operational Insights

The Board's strategic initiatives, such as the Benefits Plan redesign and technological advancements, position it to effectively serve the evolving needs of the PC(USA) community. Its commitment to DEI and holistic well-being further differentiates it within the market.