Districts and churches gave more than $13.7 million to the Pensions and Benefits Fund in 2020, according to Kevin P. Gilmore, director of Pensions and Benefit USA.
“This is only $93,000 less than the previous year and is a true accomplishment, given the tough year churches faced in the midst of the worst pandemic in a century,” said Gilmore. “We recognize the sacrifice such giving represents and are grateful.”
The combined value of assets for the defined contribution and benefit retirement plans reached $789 million in 2020. This represents a significant increase of $88.6 million (+12.7%) over the previous year and was affected by generally booming markets.
Other key numbers in the report include:
- $9.5 million contributed by P&B to the Single Defined Pension Plan; and
- $2.2 million paid in Annual Pension Supplements (APS) to the Nazarene 403(b) Retirement Savings Plan accounts of ministers.
Since Pensions and Benefits USA receives no World Evangelism Funds, it is entirely dependent on the payment of P&B allocations. The P&B Fund is the source of benefits and services for almost 17,000 active and retired ministers, spouses widows, and other church employees.
The annual report is available for review here.