Every qualified minister automatically receives $15,000 in life insurance coverage and $1,000 of spousal life insurance coverage at no cost. Since this benefit is made possible through the faithful giving by churches and districts to the Nazarene Pensions and Benefits Fund, the Board of Pensions new coverage guidelines state that a church must contribute at least one dollar to the P&B Fund for its pastor to be eligible for $15,000 in Basic Life Insurance coverage.
Each active, full-time and full-livelihood* ordained minister, district-licensed minister, and district-credentialed lay person who is an employee of a Nazarene church or a Nazarene church agency on a U.S. district that pays into the Pensions and Benefits Fund, who is younger than age 70½, and who is not receiving a retirement benefit from the Basic Pension Plan portion of the Single Defined Benefit Plan, and who is:
Assigned: Each person who on January 1 of the current year:
• qualifies for an Annual Pension Supplement (APS) contribution, and
• whose local church employer paid into the P&B fund in the prior assembly year.
* Full-time service is defined as serving no fewer than 30 hours per week for no fewer than 30 weeks each calendar year in Nazarene churches or district offices on U.S. districts that pay Pensions and Benefits Fund allocations. Full-livelihood is defined as deriving no less than 50 percent of personal net income for the calendar year from the local church or district being served. For evangelists, full-time and full-livelihood service is defined as no fewer than 30 Sundays or 26 revival events per calendar year (as defined by the General Board of the Church of the Nazarene) in Nazarene churches on U.S. districts that pay Pensions and Benefits Fund allocations.
Every minister who meets the above eligibility criteria would automatically receive $15,000 in life insurance coverage and $1,000 of spousal life insurance coverage at no cost each calendar year that they are eligible. Again, this benefit is made possible through the faithful giving by churches and districts to the Nazarene Pensions and Benefits Fund.
The Pensions and Benefits Fund provides each eligible person with $15,000 in life insurance coverage and $1,000 of spousal life insurance coverage at no cost to you.
You are automatically enrolled at the time all eligibility requirements are met, as noted above.
Your coverage will start once all eligibility requirements are met, as noted above.
There is no waiting period.
Conversion: If you terminate employment, are no longer eligible for coverage, or your coverage reduces due to age, or is terminated due to pension or retirement, you have the opportunity to purchase an individual conversion life insurance policy within 31 days of your termination of coverage.
This Summary of Benefits explains the general purpose of the insurance described, but in no way change or affect the policy as it is actually issued. In the event of any discrepancy between any of these documents and the policy, the terms of the policy apply. To receive more details or to ask additional questions please contact the Pensions and Benefits office.
Policy Effective Date: January 1, 2009
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