wfn.org | [PCUSANEWS] Presbyterian Foundation Group announces voluntary early retirement incentive program

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This story available online:

www.pcusa.org/pcnews/2009/09109<http://www.pcusa.org/pcnews/2009/09109

Presbyterian Foundation Group announces voluntary early
retirement incentive program

>by Barbara Juckett
>Presbyterian Church (U.S.A.) Foundation

JEFFERSONVILLE, IN ― The Presbyterian Foundation and its
subsidiary, New Covenant Trust Company, have announced a
voluntary early retirement incentive program in an effort
to reduce payroll expenses and manage budgets during this
challenging economy.

To qualify to participate in the voluntary plan employees
must be age 55 and older with at least three years of
service. Those employees accepting the package would retire
effective March 23, 2009.

The early retirement incentive program is part of the
foundation's on-going review of its operations and
organizational structure.

"Given the current business environment, which has been
seriously impacted by the severe economic downturn, the
leadership of these organizations made the difficult
decision to offer this voluntary early retirement incentive
program," said Robert E. Leech, President and CEO of the
Presbyterian Foundation Group. "The plan is carefully
designed to provide incentives geared toward encouraging
our employees who are approaching or are at retirement age
to voluntarily retire earlier than they might have
otherwise."

Leech added: "In addition to providing for our early
retirees, our hope is that the resulting reductions in
overhead will help us make organizational changes with
minimal disruption to the remaining employees. We are also
committed to maintaining the quality of services our
clients and donors expect and deserve."

The Presbyterian Church (U.S.A.) Foundation cultivates,
attracts and manages financial resources of individuals and
institutions to serve Christ's mission through the PC(USA).

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