Board of Pensions issues Board Bulletin for fall 2026
Directors approve a two-year vision, business plans
The Board Bulletin is published after each regular meeting of the Board of Directors of The Board of Pensions of the Presbyterian Church (U.S.A.) and reports information and actions taken that affect plans and programs administered by the Board of Pensions.
Joining the Board of Directors at this meeting were Kerry Rice, Deputy Stated Clerk, Presbyterian Life & Witness; the Rev. Amy Williams Fowler, Board of Pensions representative to the Presbyterian Church (U.S.A.), A Corporation Board of Directors; and Ian Hall, A Corp. President. Also attending to share updates on the activities of Mission Responsibility Through Investment (MRTI) were the Rev. Dr. Fairfax F. Fair and John Mitchell, Board of Pensions representatives to MRTI, and Katie Carter, Director of Faith-Based Investing and Shareholder Engagement, Presbyterian Life & Witness.
Directors approve two-year vision and business plan to advance key priorities
The Board of Directors approved the 2027-2028 Strategic Vision and 2027 Business Plan, along with the supporting Financial Plan, which provide a path forward under the agency’s new President and CEO, Krysten Carter Holloway.
The documents reflect two key priorities identified during the agency’s presidential search of the past year and at the 227th General Assembly (2026): strengthening the agency’s relationship with the Church and improving healthcare support for ministers. The 2027 Business Plan includes initiatives designed to drive progress toward these priorities as well as ensure that agency operations remain strong and effective.
Dues subsidies for Shared Ministry Program increasing
The dues subsidies for congregations with ministers in the Shared Ministry Program will increase, effective Jan. 1, 2027. Currently, for the first three years, the agency covers 50% of dues costs for ministers enrolled in the Congregational Pastors Package, up to $10,000 a year; it covers 50% of Covenant Package dues, up to $5,000 annually. To simplify the calculation, Directors eliminated the 50% calculation and increased the annual maximum subsidies to $12,000 for the Congregational Pastors Package and $6,000 for the Covenant Package.
Directors strengthen Assistance Program to meet growing need
Recognizing an increasing need for assistance, Directors extended the reach of Assistance Program grants and expanded support, effective Jan. 1, 2027.
The income cap for the Child Care Support grant is being increased to the median effective salary ($74,400 for 2027), excluding manse value. Eligibility for the grant is also being extended. Ministers of the Word and Sacrament will be eligible regardless of their employer, making the grant available to ministers employed by presbyteries, agencies, or other ministries and enrolled in the Medical Plan and/or the Defined Benefit Pension Plan. The grant will continue to be available to eligible congregational pastoral leaders, including commissioned pastors serving congregations.
Eligibility for the Employee Vocation Program, which currently provides educational debt relief for employees of PC(USA)-affiliated organizations only, will extend to PC(USA) non-minister staff. Applicants must be enrolled for medical coverage through the Board of Pensions for at least six months. Directors also raised the salary cap for this program, to an annual effective salary of $93,000 for 2027; currently, an applicant’s effective salary must be $88,875 or less. Ministers access educational debt relief through the Minister Educational Debt Assistance program.
Directors voted to increase education grants for dependents and to change the program name to Dependent Education Grants from Transition-to-College Assistance to more clearly reflect eligibility. Any dependent up to age 26 may be eligible if enrolled at least part time at a college, university, community college, or technical or trade school (excludes post-baccalaureate education). For 2027, grants will increase to $5,000 per dependent or $7,500 if attending a PC(USA) institution. Currently, grants are $2,000 and $3,000, respectively. To be eligible, the annual household adjusted gross income (AGI) must be no more than $148,800, compared with the 2026 AGI of $142,200.
Christmas gifts for retirees, surviving spouses increasing
Directors approved an increase to the annual Christmas gifts for those receiving an Income Supplement and/or a Housing Supplement from the Assistance Program as of Nov. 1, 2026. Single members and surviving spouses will receive $600, and members with a spouse will receive $1,200. Last year, the gifts were $500 and $1,000, respectively.
Directors set 2027 Assistance Program funding
The Board of Directors approved distribution of funds to support Assistance Program grants for 2027. This includes a distribution of 4% of the fair market value of the Endowment Fund, defined as the average of the year-end balances for 2022-2026. The Endowment Fund is an accumulation of legacies and gifts toward various programs administered by the Board of Pensions. A distribution of 7% of the fair market value of the Core Assistance Funds, defined as the average of the year-end balances for 2022-2026, was also approved.
Agency policy guides annual spending from the Core Assistance Funds within a range of 2% to 7%, while annual spending from the Endowment Fund is restricted to the same range by the Pennsylvania Nonprofit Corporation Act. The distributions will provide 2027 revenue for the program, along with the Christmas Joy Offering and other gifts. The Assistance Program receives no support from employer dues.
Balanced Investment Portfolio returns 9.3% through Aug. 31, 2026
The Balanced Investment Portfolio is the investment fund for the Defined Benefit Pension Plan; Death, Disability & Life Plans; Endowment Fund; and Assistance Program assets. On Aug. 31, 2026, the Balanced Investment Portfolio had a market value of $13.6 billion.
2027 Prohibited Securities list approved
The Investment Committee of the Board of Directors approved the 2027 General Assembly Divestment/ Proscription List as the Board of Pensions Prohibited Securities List for 2027. The agency’s list will be distributed to account managers for implementation effective Jan. 1, 2027. The Board of Pensions follows its Policy on Prohibited Securities in establishing the agency’s Annual Prohibited Securities List.
The next meeting of the Board of Directors is scheduled for March 18-20, 2027. For further information, email the Corporate Secretary or call 215-587-7600.
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