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Benefit Pension Plan",2,{"url":222,"altText":11,"caption":91,"link":91},"https:\u002F\u002Fpensionscdnprod.blob.core.windows.net\u002Fcache-content\u002Froot\u002Fnews-and-events\u002Farticles\u002Fpublishingimages\u002Fjohn-matekovic_796x472.jpg","Retirement benefits that deliver more value","\u002Fnews-and-events\u002Farticles\u002Fpages\u002Fretirement-benefits-that-deliver-more-value.aspx","\u003Cp>By John Matekovic, Vice President, Income Security\u003Cbr>\u003C\u002Fp>","\u003Ch2>A pension plan designed to support every employee \u003C\u002Fh2>\u003Cp>The Defined Benefit Pension Plan has been a cornerstone of the Benefits Plan of the Presbyterian Church (U.S.A.) for nearly 40 years. Since its inception in 1987, the plan has included some very unique features at no additional cost to employers, making it a valuable tool for organizations looking to attract and retain employees.\u003C\u002Fp>\u003Cdiv style=\"border:1px solid transparent;margin-left:20px;margin-bottom:1px;float:right;display:block;background-color:transparent;\"> \n   \u003Cimg class=\"ms-rtePosition-2\" src=\"https:\u002F\u002Fpensionscdnprod.blob.core.windows.net\u002Fcache-content\u002Froot\u002Fsitecollectionimages\u002Fjohn-matekovic-article.png\" data-themekey=\"#\" alt=\"\" style=\"margin:10px;width:270px;height:180px;\"> \n \u003C\u002Fdiv>\u003Cp>One such feature is the way pension credits are calculated for lower-paid employees. If a member’s effective salary is less than the annual median effective salary, pension credits accrue for that year based on a percentage of the median effective salary rather than actual salary. This results in a more generous benefit at retirement for employees whose compensation falls below the median.  \u003C\u002Fp>\u003Cp>Members may also benefit from experience apportionments — permanent increases in pension benefits or accrued credits that may be adopted when plan assets exceed the amount needed to pay promised pension benefits and plan expenses. As of 2025, the plan has provided experience apportionments for 14 consecutive years, resulting in a cumulative benefit increase of 64.4%.  \u003C\u002Fp>\u003Ch3>Measuring the plan’s value \u003C\u002Fh3>\u003Cp>These distinctive plan features can significantly increase the value of retirement benefits relative to the dues employers pay.\u003C\u002Fp>\u003Cp>Employers contribute annual dues set at a nominal 8.5% of effective salary. For a member earning $40,000 at retirement who retires with 15 years of service this would result in an initial pension benefit of \n   \u003Cstrong>$11,298 per year\u003C\u002Fstrong>. With \n   \u003Cstrong>4% annual experience apportionments\u003C\u002Fstrong> factored in, that initial benefit would be \n   \u003Cstrong>$14,852\u003C\u002Fstrong>\u003Cstrong> per year.* \u003C\u002Fstrong>\u003C\u002Fp>\u003Ch2>Enhancing retirement security with the RSP\u003Cbr>\u003C\u002Fh2>\u003Cp>While the pension plan provides a strong foundation of lifetime retirement income, many employers choose to complement it with the Retirement Savings Plan of the Presbyterian Church (U.S.A.) (RSP).\u003C\u002Fp>\u003Cp>When the RSP is offered alongside the Defined Benefit Pension Plan, the result is a retirement package that simply can’t be found elsewhere.\u003C\u002Fp>\u003Cp>The RSP is a qualified 403(b)(9) defined contribution church plan that offers employees all the features found in most traditional 401(k) plans, such as a choice of pretax and\u002For Roth after-tax contributions, loans, and hardship withdrawals, at extremely competitive fees. Members can choose from a carefully curated array of fund options, including two socially responsible funds, target date funds, and a variety of equity, bond, and cash funds.\u003C\u002Fp>\u003Cp>Just as important, employers have significant flexibility in how they offer the plan. They can offer the RSP to any employee regardless of the number of hours worked and may choose to make matching, discretionary, or nonelective contributions — or no employer contributions at all.\u003C\u002Fp>\u003Ch3>The power of a combined approach\u003C\u002Fh3>\u003Cp>The value of the RSP can also be substantial. For the same employee earning $40,000 at retirement and retiring with 15 years of service, employer contributions of 4% to the RSP would produce an account balance of approximately $33,757* at retirement, not including the employee’s own contributions. Using a 4% annual withdrawal rate, the RSP could provide an additional $1,350 per year in retirement income, on top of any pension benefits.*\u003C\u002Fp>\u003Ch2>Retirement benefits that stand apart  \u003C\u002Fh2>\u003Cp>Taken separately, the Defined Benefit Pension Plan and the Retirement Savings Plan each provide valuable retirement benefits. Together, they create a retirement benefit that is greater than the sum of its parts. The combination of guaranteed lifetime income with the opportunity for experience apportionments, plus flexible retirement savings options, helps employees build financial security while providing employers with an exceptional value. In a benefits landscape where retirement plans are increasingly shifting risk to employees, the Benefits Plan of the Presbyterian Church (U.S.A.) provides financial security in retirement and value that stands apart.\u003C\u002Fp>\u003Cp> \n   \u003Cem class=\"ms-rteFontSize-1\">*Assumes retirement at age 65 (member and assumed spouse) and 6% rate of return; member is assumed to be an ordained minister with pay increases at the same rate as the median salary levels.\u003C\u002Fem>\u003C\u002Fp>","ArticlePage",[229,230,232],{"url":90,"description":91,"title":92,"openInNewWindow":10,"group":91,"image":91},{"url":101,"description":91,"title":231,"openInNewWindow":10,"group":91,"image":91},"News and happenings at the Board",{"url":190,"description":91,"title":233,"openInNewWindow":10,"group":91,"image":91},"News"]