As a nonprofit organization, the Board of Pensions offers comprehensive benefits at competitive costs without regard for profit or shareholder interests. We pass along these savings to our employers and plan members.
The Board of Pensions provides employers with the flexibility to select from a variety of benefits to offer employees.
The Medical Plan offers three coverage options: the PPO, EPO, and HDHP. You may choose to offer one, two, or all options to your employees. As the employer, you pay at least 50 percent of Member-only coverage in the lowest-cost medical option you offer, and you may choose to contribute toward the additional cost of covering eligible family members.
Medical coverage costs are based on claims experience adjusted for regional and demographic factors. Read more details about how these costs are determined.
Ministers in Pastor's Participation are enrolled in full family coverage in the PPO medical option. Employers pay the entire cost of the coverage. Read more details about costs for Pastor's Participation.
The Board of Pensions encourages you to offer the Retirement Savings Plan of the Presbyterian Church (U.S.A.) to all employees, especially benefits groups not enrolled in the Pension Plan. You are not required to contribute to the Retirement Savings Plan if you offer it; however, you may make fixed and/or matching contributions.
How you offer a match can affect how much employees contribute to the Retirement Savings Plan without affecting your budget. For example, instead of offering a 100 percent match on the first 3 percent saved, you may choose to offer a 50 percent match on the first 6 percent saved. That may encourage employees to save a higher percentage of pay for retirement, at the same dollar cost to you.
Dues for the Pension Plan and death and disability coverage are 100 percent employer-paid.
Once elected for your employees, participation in the Pension Plan and the Death and Disability Plan is automatic. Employees do not need to take any action when first hired or during annual enrollment.
Employers pay the full cost of group term life coverage, if offered; cost is 20 cents per month per $1,000 of coverage.
For flexible spending accounts, employers are charged $3.90 per employee per month for each employee who establishes a healthcare and/or dependent care FSA. Only one fee is charged per employee, whether the employee has one type of FSA or both.
Employers may, but are not required to, offer and contribute to the cost of