wfn.org | Board of Pensions issues letter to its members

[PCUSA NEWS <PCUSA.NEWS@ecunet.org>]

Note #6869 from PCUSA NEWS to PRESBYNEWS:

28-September-2001
01352

Board of Pensions issues letter to its members

(Editor's Note:  The Board of Pensions has issued a letter in response to
the queries of some pensioners about the security of the Board's investments
after the Sept. 11 attacks.  It is printed here in its entirety.)

An open letter to the members of the Benefits Plan 
of the Presbyterian Church (U.S.A.)

Since September 11th, several of us have been asked "How did the terrorist
attack affect the Board of Pensions"?  The answer, relatively speaking, is
not too much yet, but somewhat going forward.  Let me explain.

Like you, we are stunned. Fortunately we did not suffer any direct loss of
life either here or among our loved-ones.  Nevertheless, many of us lost
friends and friends of friends.  We all share in the national grief and join
in the necessary "talk it out" sessions.  We have had prayer services for
our own flock. We are most thankful for our caring friends and colleagues. 
This is helping us go forward.

Pensions and other benefits are secure.  This security is one of the great
advantages of having a defined benefit plan as our primary retirement income
program. Pensioners receive a monthly pension for life without regard to the
volatility of financial markets.

We are taking renewed steps to remind members of our Response Program.  It
is in place to help the helpers during very stressful times.  Now is such a
time indeed for our pastors who are coping with loss and mourning in their
own congregations.  That phone number is (800) 455-5129.  Response is
available all day every day.

 From an operations point of view, the Board has a comprehensive information
protection and business continuity program in place.  Said another way, we
expect to stay in business in the event of an emergency.

We have a "full" staff.  But we are by no means overstaffed and we need our
human resources not only to continue our normal work, but also to respond to
the unexpected.  This means our planning efforts must continue.  Recently,
two of our Regional Representatives visited with Middle Governing Body
leaders in presbyteries around New York City and Washington, D.C.  We have
to make sure that we have resources for such unanticipated duties.

Our investment portfolio is down (about 16% through September 21st), but our
benefits are secure because our reserves are sufficient to cushion downturns
in the market.  Our asset allocations are still within our approved ranges,
and the diversification of the portfolio is in place for times just like
these.

We are reviewing how we communicate with our members.  There are many new
technologies available and we should be using them.  We can save money, be
safe and still have effective and personal contacts with our members and our
Presbytery partners.  For example, we are introducing BenefitsTalk, a series
of educational teleconferences open to anyone with an interest in the topic
of the day.

Let's face it, we can all become a little complacent in good times.  Now we
have to focus sharply on what we've "always done" and how we've done it, and
determine what else we need to do today as your Board of Pensions.  We are
here to help you.   But times like we now face (which in many ways are still
very, very good) present us with a perfect opportunity to revisit some of
our habits and priorities and cause us to focus thoughtfully and prayerfully
on our basic mission and how we can best achieve it.

Our prayers are with you all and with your families.   Please call us at
(800) 773-7752 if we can assist you with your special needs.

Warmest regards,  

Robert W. Maggs, Jr.
President

September 25, 2001
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