Income Supplements

This program is designed to supplement the monthly income of retired church workers [normally, persons formerly employed full time in the Presbyterian Church (U.S.A.)] and their surviving spouses whose total income from all sources is below levels established by the Board. At present, the maximum levels for granting assistance will be $26,760 a year for a single person and $32,100 a year for a married couple in 2010.

Eligibility requirements include service to the Presbyterian Church (U.S.A.) or its predecessors for a minimum of 20 years and participation in the Benefits Plan. Partial supplementation may be available to those who served the Church between 10 and 20 years. Income supplements may be granted to persons who retire early, but will be reduced on the same basis as early retirement pensions are reduced.

If the applicant opted out of Social Security, it is assumed that he or she had secured alternate protection, and any assistance will be reduced by an amount which the Board determines would have been payable under Social Security.

Retirement Housing

This two-part program is designed to help eligible retired church workers and their surviving spouses with housing needs. Assistance may be provided through

• the Housing Supplement program, which gives financial assistance to help retirees remain in their own homes or move to retirement facilities in locations of their choice
• a limited number of affordable homes, which are owned by the Board of Pensions

Eligibility

All recipients must:

• be at least 65 years of age
• have retired from active service from the church
• have served the Presbyterian Church (U.S.A.) or its predecessors for a minimum of 20 years by the time housing assistance is required
• have been a member of the Benefits Plan for a portion of the 20 years of service

Housing Supplements

Depending upon the type of housing and the levels of personal income and assets, applicants may receive financial assistance to help pay for the costs associated with maintaining a current home, entering a retirement home, and/or paying the monthly room and board fee for a unit in a retirement community. Under certain circumstances, this program may help eligible retirees or surviving spouses with the cost of moving. For consideration for a housing supplement, a couple's assets may not exceed $50,000 and a single person’s may not exceed $35,000. Income may not exceed $39,450 per year for 2010.

Retirement Homes Program

The Board owns and maintains a cluster of homes designed to provide retirement housing for eligible retirees and their surviving spouses. Residents pay according to their financial ability, contributing a fair amount toward the cost of the residence.

The Board of Pensions owns one group of homes, El Sombroso Oaks, which is located in Los Gatos, California (near San Jose). El Sombroso Oaks consists of 22 independent living units sharing common ground on approximately five acres. The homes are one-story ranch style with one, two, and three bedroom units.

Unlike the Benefits Plan, which is funded by dues, the Assistance Program relies on other funding sources, including half of the Christmas Joy Offering, gifts, legacies directed to the Board of Pensions, and income from endowments.