Nazarene districts and churches contributed $13.8 million to the P&B Fund in 2019—an increase of 4% over the previous year, according to Kevin P. Gilmore, director of Pensions and Benefits USA for the Church of the Nazarene. Gilmore made the announcement in his annual report, a summary of which is now available.
During 2019, some $53 million (an increase of 4%) were processed by P&B for the payment of retirement, insurance, and benevolence benefits for almost 17,000 active and retired ministers, spouses, widows, and other church employees. Gilmore said about $17.3 million were paid to participants of the Single Defined Benefit Plan, which includes payments for participants of the Basic Pension Plan, and $3.2 million were used for Annual Pension Supplements (APS) contributions to the accounts if participants of the Nazarene 403(b) Retirement Savings Plan. About $1 million were paid to provide 8,000 active and retired ministers with basic life insurance, and another 4,000 with disability coverage. $108,000 were used for benevolence assistance to Nazarene ministers and their dependents who faced challenging circumstances.
“Such support is made possible only through the continued support of our districts and churches,” Gilmore said. “We are grateful for their faithful giving which enables us to effectively fulfill our commitment to serve those who serve.”
A video of the annual report is also available and may be viewed at this link.