The Board Bulletin Fall 2025
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 represents key information and actions taken that affect plans and programs administered by the Board of Pensions.
Board of Pensions President announces retirement
The Reverend Dr. Frank Clark Spencer announced to the Board of Directors that he would step down as President and CEO of the Board of Pensions, effective July 2, 2026, at the close of the 227th General Assembly (2026). S. Bradley Perkins, Chairperson of the Board of Directors, said a search would begin for Dr. Spencer’s replacement with the goal of presenting a candidate to the Board of Directors for election and the 227th General Assembly (2026) for confirmation. Dr. Spencer was confirmed by the 221st General Assembly (2014). Learn more.
Assistance Program funding set for 2026
The Board of Directors approved distribution of funds to support Assistance Program grants for 2026. 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 2021-2025. A distribution of 6% of the fair market value of the Core Assistance Funds, similarly defined, was also approved. The agency adheres to an annual spending rate range of 2% to 7% for both entities. The distributions will provide 2026 revenue for the program, along with the Christmas Joy Offering and other gifts. The Assistance Program receives no support from employer dues.
Memory care facilities added to Housing Supplement guidelines
The Board of Directors approved
Housing Supplement grants for residence in memory care facilities and expanded the amounts of existing Housing Supplement grants (updates appear in chart below). Additionally, Directors increased the
Adoption Assistance grant, from $6,500 to $9,000 per child, and eliminated adjusted gross income from the eligibility requirements for
Minister Debt Relief. These Assistance Program changes are effective Jan. 1, 2026.
| Housing type | Single/married maximum assets | 2025 | 2026 | % of income to housing |
|---|---|---|---|---|
| Home/apartment in general community | $35,000/$50,000 | $1,300 | $1,600 | 40% |
| Independent living in retirement community | $25,000/$40,000 | $1,800 | $3,000 | 40% |
| Assisted living in retirement community | $20,000/$35,000 | $4,400 per individual | $4,800 per individual | 67% single 75% couple |
| Custodial care at home | $20,000/$35,000 | $4,400 per individual | $4,800 per individual | 67% |
| Memory care facility (new grant) | $20,000/$35,000 | $7,000 per individual | 75% |
Pension, Social Security minimum distribution are factors in determining need.
Retirees, surviving spouses to receive Christmas gifts
The Board of Directors approved Christmas gifts for retirees and surviving spouses who are receiving an Income Supplement and/or a Housing Supplement as of Nov. 1, 2025. Each single person will receive $500, and couples will receive $1,000. As of Sept. 1, 2025, 205 singles and 104 couples were receiving one or both Assistance Program supplements.
Balanced Investment Portfolio returns 9.5% through Aug. 31, 2025
The Balanced Investment Portfolio is the investment fund for the Defined Benefit Pension Plan, Financial Protection Programs, Endowment Fund, and Assistance Program assets. On Aug. 31, 2025, the Balanced Investment Portfolio had a market value of $12.6 billion.
| Annualized returns shown as of Aug. 31, 2025 (except year-to-date) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Year to Date | 1 Year | 2 Years | 3 Years | 5 Years | 10 Years | 15 Years | 20 Years | |
| Balanced Investment Portfolio | 9.5% | 8.63% | 11.1% | 10.6% | 8.5% | 8.4% | 8.8% | 7.3% |
| Asset Mix Policy Benchmark | 11.2% | 11.9% | 15.0% | 13.1% | 8.3% | 8.5% | 8.2% | 7.0% |
| Long Term Investment Assumption | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% |
Policy benchmark consists of 65% MSCI ACWI, 30% Bloomberg U.S. Universal, and 5% 90 Day T‑Bill
Source: BNY
Annual proxy voting authorized
The Board of Directors made its annual authorization of proxy voting for shares of common stock of U.S. corporations held in the Board of Pensions Balanced Investment Portfolio. This authorization goes to the Executive Vice President and Chief Investment Officer, or other senior officer or individuals authorized by the agency’s President. Proxies are to be voted in accordance with the guidelines of the Committee on Mission Responsibility Through Investment (MRTI) to the extent legally possible for the agency as the fiduciary of Defined Benefit Pension Plan assets.
Directors revise apportionment policy
The Board of Directors modified the guidelines in the policy it uses to determine apportionments for the Defined Benefit Pension Plan. Solvency, or plan funding status, is the primary factor that drives such determinations. The greater the funding status, the more opportunity to grant an apportionment. The apportionment policy sets the baseline funding status for granting an apportionment, and the size of apportionments increases as the funding status grows beyond the baseline. The agency’s recent asset-liability study indicated that the funding status levels dictated by the policy were more conservative than needed to protect the plan from risks. The revision will affect any apportionment approved by the Board of Directors going forward. Experience apportionments result in a lifelong increase in pension benefits or pension credits accrued.
2026 Business, Financial plans approved
The Board of Directors approved the Business and Financial plans for 2026, laying a path for the agency to continue adapting to the evolving denomination while stewarding the resources entrusted to it. The plans are designed to promote growth in the Benefits Plan of the Presbyterian Church (U.S.A.) and ensure the operational framework needed to support that growth.
The next meeting of the Board of Directors is scheduled for March 5-7, 2026. For further information, email the Corporate Secretary or call 215-587-7600.