October Newsletter from the Board of Pensions

Dear Colleagues,

Here's an update on what is happening at the Board of Pensions.  Please feel free to share it with your webmaster and others who might find it informative and helpful.

Financial Market Conditions

Everyone is concerned about the current difficulties in the financial markets.  The Board's President and C.E.O., Rob Maggs, recently wrote about the financial market conditions and the strength of the Board's portfolio.  Here is a link to his encouraging letter on the Board's website: http://www.pensions.org/portal/server.pt?open=514&objID=34981&parentname=CommunityPage&parentid=0&mode=2&in_hi_userid=2&cached=true&contentid=http://BOPWEBSERVPROD01:7087/publishedcontent/publish/pensions/announcement/content/robert_w__maggs__jr___president_and_chief_executive__addresses_financial_market_conditions.html.

Minimum hours requirement for Retirement Savings Plan participation eliminated

The requirement that employees work a minimum of 20 hours per week to be eligible to participate in the Retirement Savings Plan of the Presbyterian Church (U.S.A.) ("the RSP") has been eliminated. This change will allow churches and employing organizations to offer the RSP to more staff and will help those that want to consolidate other retirement savings plans and investment offerings into the Retirement Savings Plan as a means of simplifying compliance with the new 403(b) regulations effective January 1, 2009.

Reminder: Churches and employing organizations that offer the Retirement Savings Plan of the Presbyterian Church (U.S.A.) are reminded to complete an Adoption Agreement by December 31, 2008, to continue their participation in the Retirement Savings Plan. This agreement will establish the eligibility requirements, employer contributions, and the responsibilities of each church and employing organization under the Plan as required by the final IRS 403(b) regulations.

If you have questions regarding the increased responsibilities of churches and employing organizations under the final 403(b) plan regulations, please read the Board's Employer Frequently Asked Questions. You may also contact Member Services at 800-773-7752 (800-PRESPLAN).

Open enrollment for Supplemental Death Benefits program and Optional Dental program

Open enrollment for the Supplemental Death Benefits program (formerly called the Optional Death Benefits program) and the Optional Dental program for 2009 will take place October 1 through November 21, 2008. During this time period, members may subscribe to these optional programs, which churches and employing organizations may offer to pastors and other staff.

Enrollment forms for the Optional Dental program can be obtained by calling the Board of Pensions at 800-773-7752 (800-PRESPLAN).

The application for Supplemental Death Benefits is available online on Pensions.org. Please see the news article on Pensions.org for details about the program's new name, rates, and coverage levels and increments.

Clergy Effective Salaries Compared by Congregation Size and Years of Service report available

The Board has tabulated a range of effective salary data to assist decision makers in reviewing clergy compensation. The charts compare the effective salaries of full-time pastors and full-time associate pastors serving churches. The data is broken down by both congregation size and years since ordination in order to provide apt comparisons.

For the complete report, please visit Pensions.org.

Mayo Clinic Health Assessment available

The Mayo Clinic Health Assessment is secure and confidential online questionnaire that helps members identify their health strengths and risks, and then provides them with a personalized Action Plan. This plan delivers an in-depth look at the member's health status and connects them to resources that can help them address areas of concern.

When members complete the Health Assessment by November 30, 2008, they will receive a $25 gift card and be entered into a drawing for a one-year membership to the GlobalFit fitness center of their choice.

For information about the Mayo Clinic Health Assessment, please visit www.pensions.org/healthassessment.

Register for BenefitsConnect

BenefitsConnect is a secure Web site available on Pensions.org that provides active Plan members secure access to their personal benefits information. They can submit changes to their contact information and dependent status, as well as use online calculators to estimate their pension and death benefits.

If they have not yet registered for this secure, easy-to-use site, members can do so by visiting the Pensions.org homepage and clicking on "Register" under the BenefitsConnect heading.

The Directors of the Board of Pensions will be meeting later this month.  The November newsletter will alert you to the decisions that were made at that meeting.

With warmest wishes for you and your ministry,

Phil

Philip R. Gehman

Regional Representative

Synod of the Northeast

The Board of Pensions of the PC(USA)

2000 Market Street, Ste 2048

Philadelphia, PA 19103-3298

800-773-7752, ext 7482

Fax 215-587-7505

pgehman@pensions.org

www.pensions.org