The Board Bulletin Summer 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 information and actions taken that affect plans and programs administered by the Board of Pensions.
Stewardship of the resources entrusted to it is of paramount importance to the Board of Pensions. In accordance with its bylaws, the Board of Directors’ second meeting of the year is to be the annual meeting, at which the final audited financial statements for the prior year are presented. On June 21, 2025, the Board of Directors concluded the annual meeting, during which the audited financial statement and the 2024 Annual Review were presented.
Balanced Investment Portfolio returns 1.4% through April 30, 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 April 30, 2025, the Balanced Investment Portfolio had a market value of $11.83 billion.
| Annualized returns shown as of April 30, 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 | 1.4% | 8.3% | 8.8% | 6.4% | 9.6% | 7.1% | 7.9% | 7.3% |
| Asset Mix Policy Benchmark | 0.8% | 10.7% | 11.2% | 8.1% | 9.0% | 6.8% | 7.2% | 6.8% |
2026 medical dues approved for minister benefits packages
Pricing for dues packages for the following year is determined annually at the Directors’ summer meeting. Due to challenges in the healthcare industry that continue to drive up costs, the Board of Directors approved medical dues increases for 2026 for the Congregational Pastors Package and Transitional Pastor’s Participation. The dues decision was informed by a review of updated forecasts on costs provided by agency staff and Milliman Inc., the agency’s healthcare actuary. Dues for the income protection benefits in the packages, including death and disability and pension, will remain at 10% of effective salary in 2026. Employers pay 100% of the dues for these packages.
Directors approved a medical dues increase, to 17.5%, for the Congregational Pastors Package, with minimum and maximum dues of $6,500 and $18,500, respectively. Dues for the package, including pension and death and disability benefits, will total 27.5% of effective salary. Medical dues for the Congregational Pastors Package are for member-only coverage. Coverage for family members, available in three tiers, is optional for members, and congregations may choose to pay all, some, or none of the cost. In 2026, the pricing will be $9,950 for Child(ren), $12,250 for Spouse, and $22,200 for Family.
Medical dues for Transitional Pastor’s Participation, which includes family coverage, will be 37% of effective salary in 2026, with minimum and maximum dues of $18,500 and $50,000, respectively. Dues for the package, including pension and death and disability benefits, will total 47% of effective salary.
Dues for the Covenant Package will not change in 2026, remaining at 10% of effective salary.
Rates for Benefits Plan offerings provided outside of packages will be available to employers in Benefits Connect on Aug. 28, when Employer Agreement season opens.
Counsel and auditor engagements
The Directors reaffirmed the designation of the following advisers and auditors:
- WTW, as pension actuarial counsel
- Milliman Inc., as medical actuarial counsel
- Ballard Spahr LLP, as external legal counsel
- Deloitte & Touche LLP, as external auditors
- Protiviti Inc., as internal auditors
The next meeting of the Board of Directors is scheduled for Oct. 23-25, 2025. For further information,
email the Corporate Secretary or call 215-587-7600.