The Board Bulletin Summer 2026

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 reports 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 July 18, 2026, the Board of Directors concluded the annual meeting, during which the 2025 Audited Financial Statement and the 2025 Annual Review were presented.

Directors approve new post-retirement medical coverage

The Board of Directors approved post-retirement medical and prescription drug coverage to replace Humana, the agency’s current provider for retired members and spouses. Effective Jan. 1, 2027, Post-Retirement Medical Plan benefits offered will include medical coverage through the UnitedHealthcare Group Medicare Advantage PPO Plan (a passive PPO plan), with Part D prescription drug coverage through Express Scripts. This coverage will be available to individuals currently enrolled in the Humana Group Medicare Advantage PPO plan and the Humana Group Medicare Prescription Drug Plan as well as members who retire in 2027.

The Directors’ decision was informed by a thorough evaluation of all options, and the coverage will be substantially equivalent to the Humana coverage. The Board of Pensions will subsidize premium costs, maintaining the $0 monthly premium through 2027, keeping the four-year commitment it made in 2024 when it introduced the Humana plans. The actual cost for this coverage is $284 per member per month. Next summer, the Board will determine and share member costs and any potential subsidy for 2028.

Retirees participating in the Humana plans as of Dec. 31, 2026, will automatically be enrolled in the new coverage for 2027 unless they opt out. The agency will provide guidance throughout the transition so retirees can make coverage decisions for 2027 during the Medicare open enrollment period (Oct. 15-Dec. 7, 2026).

In March, the Board of Pensions shared an update that the agency and Humana had mutually agreed to terminate its contract at the end of 2026. The agency used available reserves so that participants in 2025 and 2026 would pay no premium for coverage.

2027 medical dues for benefits packages approved

Directors approved increases in medical dues for 2027 for the Congregational Pastors Package and Transitional Pastor’s Participation. The decision followed a review of updated forecasts on costs provided by agency staff and Milliman Inc., the agency’s healthcare actuary, and reflects the ongoing challenge of rising healthcare costs.

Dues for the income protection benefits in the packages, including death and disability and pension, will remain 10% of effective salary. Dues for the Covenant Package will also be unchanged, at 10% of effective salary.

Medical dues for the Congregational Pastors Package, which includes Member-only coverage, will be 19.75% of effective salary, with minimum and maximum dues of $7,500 and $21,200, respectively. With 10% for the income protection benefits, dues will total 29.75% of effective salary. Dues for child(ren), spouse, and family [spouse and child(ren)] have been released and will continue as national, community-rated, fixed pricing, regardless of the number of children enrolled.

To ease the cost of covering family members, in 2027 a new subsidy will cover 50% of the national, community-rated medical coverage cost for children, reducing the flat rates for both the Child(ren) and Family coverage levels. For more information, please see 2027 Congregational Pastors Package dues.

For Transitional Pastor’s Participation, which includes family coverage, medical dues will be 42.25% of effective salary, with minimum and maximum dues of $21,600 and $57,700, respectively. Total dues, including 10% for the income protection benefits, will be 52.25% of effective salary.

Employers pay 100% of the income-sensitive dues for the packages. This includes full family medical coverage in Transitional Pastor’s Participation and Member-only medical coverage in the Congregational Pastors Package. The Board of Directors sets dues costs at its summer meeting for the following year.

Rates for Benefits Plan offerings provided outside of packages will be available to employers Sept. 4 through Oct. 2, when Employer Agreement is available in Benefits Connect.

Congregational Pastors Package extended to mid council leaders

Directors approved extending eligibility for the Congregational Pastors Package effective Jan. 1, 2027, to ministers of the Word and Sacrament and ruling elders who are elected to serve in mid council leadership. The comprehensive benefits package is required for installed PC(USA) pastors. Currently, eligibility includes non-installed ministers and commissioned pastors who are serving PC(USA) congregations 20 hours a week.

Nine new Directors welcomed

The Board of Directors welcomed nine new Directors, elected by the 227th General Assembly (2026). Their names and committee assignments are:

Dr. Kenneth Adams, Board Development and Governance; Healthcare
Herman Counts III, Audit; Healthcare
Diane DeSieno, Board Development and Governance; Pension; Legal
Lorenz Glaza, Assistance and Church Engagement; Pension
The Reverend Patricia “Pat” Bligen Jones, Board Development and Governance; Pension
Thomas “Tom” Swain, Assistance and Church Engagement; Pension
Dr. Jill Williams, Assistance and Church Engagement; Investment
John Winslow, Audit; Investment
Raquel Yslas, Assistance and Church Engagement; Investment

The officers of the Board of Directors are:

Richard DuBose, Chairperson
S. Bradley Perkins, First Vice Chairperson
Catherine Cuellar, Second Vice Chairperson

Balanced Investment Portfolio returns 6.5% through May 31, 2026

The Balanced Investment Portfolio is the investment fund for the Defined Benefit Pension Plan, Financial Protection Programs, Endowment Fund, and Assistance Program assets. On May 31, 2026, the Balanced Investment Portfolio had a market value of $13.5 billion.

Annualized Rate of Return (%) Period Ending May 31, 2026
	Year to Date	1 Year	2 Years	3 Years	5 Years	10 Years	15 Years	20 Years
Balanced Investment Portfolio	6.5%	16.6%	12.3%	12.7%	6.6%	9.2%	8.2%	7.5%
Asset Mix Policy Benchmark	8.2%	21.2%	15.9%	16.0%	7.8%	9.2%	7.6%	6.9%
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

Counsel, auditor engagements affirmed

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. 22-24, 2026. For further information, email the Corporate Secretary or call 215-587-7600.