Stewardship Report

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Daily, we receive expressions of thanks from ministers and widowed spouses. The notes mostly convey feelings of gratitude for the various kinds of support they receive from Pensions and Benefits USA.

While we have the pleasure of reading these messages, we fully recognize any thanks we receive really belong to you—the churches and districts who faithfully contribute to the Pensions and Benefits Fund. Without your continued support, we could do nothing for these deserving people.

This report is presented to keep you informed about how we use the funds you provide. We are pleased to serve the 14,000 ministers and church-employed laypersons of the Church of the Nazarene on your behalf.

$11.5 Million Received from Districts and Churches

In the 2009 district assembly year, giving to the Pensions and Benefits Fund totaled $11.5 million—almost $1 million less than in 2008. This represents a decline in contributions from 92 percent in 2008 to 88 percent payment of the targeted level.

$39 Million Paid in Benefits

For the fiscal year ending September 30, 2009, almost $39 million were paid from the insurance and retirement plans administered by Pensions and Benefits USA. Included in this amount were almost $15 million in Basic Pension payments to some 4,800 retired ministers and widowed spouses.

Approximately $3.6 million in Annual Pension Supplement (APS) contributions were deposited from Pensions and Benefits Fund receipts into the individual 403(b) accounts of every eligible pastor, full-time associate, evangelist, and district superintendent. Distributions from the Nazarene 403(b) Retirement Savings totaled almost $12 million.

More than $560,000 were distributed from the Nazarene Individual Retirement Annuity (IRA) Plan. Also, almost $8.25 million were paid in claims from the various insurance plans and nearly $200,000 were distributed to help meet the needs of some 150 individuals qualifying for assistance from P&B USA benevolence programs.

Money to cover these benefits came from the Pensions and Benefits Fund and from sources such as insurance premiums paid by local church employers and individual participants, church and participant contributions to the Nazarene 403(b) and IRA plans, investment income, and gifts and bequests.