The Reverend Mark T Frey CEBS RPA Church Consultant Board of Pensions Mid Council Financial Network Meeting November 16 2017 In the beginning was the Word and the Word was with God and the Word was God ID: 719801
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A Ministry of Wholeness: Benefits through the Board
The Reverend Mark T. Frey, CEBS, RPA
Church Consultant – Board of Pensions
Mid Council Financial Network Meeting
November 16, 2017Slide2Slide3
In the beginning was the Word,
and the Word was with God,
and the Word was God. ...
All things came into being
through him.
John 1:1Slide4
I came that they may have life,
and have it abundantly.
John 10:10
Go and do likewise.
Luke 10:37
Remain in the same house,
eating and drinking whatever they provide,
for the laborer deserves to be paid.
Luke 10:7Slide5
Now you are the body of Christ and individually members of it. And God has appointed in the church first apostles, second prophets, third teachers; then deeds of power, then gifts of healing, forms of assistance, forms of leadership. ... But strive for the greater gifts. And I will show you a still more excellent way.
1 Cor. 12:27-31
And what does the Lord require of you
but to do justice, and to love kindness,
and to walk humbly with your God?
Micah 6:8Slide6
God’s Desire for
Shalom
A Ministry
of
Wholeness
Life
AbundantCompassionateCare
Community
WitnessJustCompensationSlide7
Church Values
1717 – The Fund for Pious Uses
1754 – Widows’ Fund1870 – Relief Fund for Disabled Ministers1883 – First ministerial retirement home
1927 – First Pension Plan
1953 – First Medical Plan1987 – The Assistance Program300 Years of Compassionate CaringSlide8
Just Compensation
The Worker Is Worthy of His Reward
. All faithful ministers, as good workmen, are also worthy of their reward, and do not sin when they receive a stipend, and all things that be necessary for themselves and their family. For the apostle shows in I Cor.,
ch.
9 and in I Tim., ch. 5, and elsewhere that these things may rightly be given by the Church and received by ministers. (5.168)The Second Helvetic ConfessionSlide9
I have been so blessed to receive
your survivor’s benefits each month. This plus my Social Security payment
allows me to remain in my apartment
in an independent living community.
- Retired spouse of deceased pastorSlide10
Spiritual
Health
Financial
Vocational
Spiritual
Health
Financial
VocationalSlide11
Eligibility
Teaching elders in installed pastoral relationship (pastors, associate pastors & co-pastors)
Other teaching elders in Medical PlanAny employee in Retirement Savings Plan of the PC(USA)
Minimum of 20 hours/week except for:Slide12
Eligibility
Menu Options
Pension
Death & Disability
Medical PPO & EPOOptional benefitsPastor’s ParticipationPensionDeath & DisabilityMedical PPOOptional benefits
Employer may offer any combination of:
Employer must provide core benefits & offer certain others:Slide13
Benefits Plan
Benefit
Pastor’s Participation:
Installed Pastors*
Other Employees*
Retirement
Pension (11% of effective salary)
Pension (11% of effective salary)
Retirement Savings Plan(voluntary contributions)Retirement Savings Plan(voluntary contributions)MedicalPreferred Provider Organization (PPO) (% of effective salary)Preferred Provider Organization (PPO)Exclusive Provider Organization (EPO) (employer-specific coverage-level rates)
Death & Disability
Death & Disability(1% of effective salary)Death & Disability(1% of effective salary if provided with pension; 3.5% of effective salary as stand-alone)OptionalDentalDentalSupplemental Death
Supplemental Death
Supplemental Disability
Supplemental Disability
*
May also include other teaching
elders
based on employer decisionSlide14
The Benefits Plan of the Presbyterian Church (U.S.A.)
Spiritual
Health
Financial
Vocational
Medical Plan
Prescription Drug Coverage
Call to Health
Optional Benefits
Pension Plan
Retirement Savings Plan
Death & Disability PlanSlide15
Spiritual
Health
Financial
Vocational
Pension PlanSlide16
Spiritual
Health
Financial
Vocational
Pension PlanSlide17
Pension Plan
Thank you, Board of Pensions, for your responsible investment in the Impax Leaders Strategy. I am proud to be PC(USA)!
I was thrilled to read about your investment
in the environment. Keep up the good work
on behalf of our grandkids.
Response to $100M fossil fuel-free investment:Slide18
Spiritual
Health
Financial
Vocational
Retirement Savings PlanSlide19
Spiritual
Health
Financial
Vocational
Retirement Savings PlanSlide20
Spiritual
Health
Financial
Vocational
Death & Disability PlanSlide21
Spiritual
Health
Financial
Vocational
Death & Disability PlanSlide22
Spiritual
Health
Financial
Vocational
Medical Plan Slide23
Spiritual
Health
Financial
Vocational
Medical Plan Slide24
PPO Dues History
2008-2017Slide25
PPO & EPO Medical
In-Network
PPO
EPO
Deductible
Min. effective
salaryMax. effective salary$2,000/member$4,000/family$660/member$1,320/family
$1,305/member$2,610/family
Call to Health deductible$440/member$880/family$870/member$1,740/family$1,500/member$3,000/familyCopayment20% after deductible20% after ded.Copayment max.(incl. Rx copays)
$5,860/
member$6,520/member$7,150/member$9,950/family$7,150/member$14,300/familyTelemedicine$10 copay$10 copayOffice visit$25 copay/$45 specialist$40 copay/$60 spec.Basic diagnostic
20% after deductible
$65 copay
Hospital (
incl.
ER)
20% after deductible
20% after ded.Slide26
Spiritual
Health
Financial
Vocational
Medical Plan PPOSlide27
Spiritual
Health
Financial
Vocational
Medical Plan EPOSlide28
A Ministry of Wholeness
Spiritual
Health
Financial
VocationalSlide29
Income Security
Non-contributory by member
Automatic vesting of teaching elders when enrolled; other employees after 3 years or age 65
1 of 3 key sources of income in retirement
Pension PlanSlide30
Income Security
All employees, even part time, are eligible
Investment options span investment-risk spectrum
Target date and socially responsible funds
Loan feature
Participants contribute with pretax or after-tax dollars
Retirement Savings PlanSlide31
Income Security
Salary continuation benefit
Lump-sum death benefit
Living needs benefit
1 year non-contributory medical coverage
Death BenefitsSlide32
Income Security
Benefit based on the higher of effective or median salary
Continued medical and/or pension coverage at no cost to member if enrolled at time disabled
Disability BenefitsSlide33
Income Security
Supplemental Disability Benefit
Standard disability replaces 60% of first $100,000, providing $5,000/month
Supplemental disability replaces 60% of next $20,000, providing additional $1,000/ month
$100,000
$20,000
$5,000
Not covered because salary qualifying for supplemental coverage is rounded down to the nearest $10,000
Example for $125,000 Effective SalarySlide34
Health & Well-Being
Medical
Prescription drugVisionEmployee Assistance ProgramSlide35
PPO & EPO Medical
In-Network
PPO
EPO
Deductible
Min. effective
salaryMax. effective salary$2,000/member$4,000/family$660/member$1,320/family
$1,305/member$2,610/family
Call to Health deductible$440/member$880/family$870/member$1,740/family$1,500/member$3,000/familyCopayment20% after deductible20% after ded.Copayment max.
(incl. Rx copays)
$5,860/member$6,520/member$7,150/member$9,950/family$7,150/member$14,300/familyTelemedicine$10 copay$10 copayOffice visit$25 copay/$45 specialist$40 copay/$60 spec.Basic diagnostic
20% after deductible
$65 copay
Hospital (
incl.
ER)
20% after deductible
20% after ded.Slide36
Prescription Drugs
Benefit
PPO
EPO
Retail
30 days/90 days
Mail Order 90 daysRetail30 days/90 daysMail Order
90 days
Generic$10/$30$25$12/36$30Formulary brand30% of cost;30 days: $20 min.-$100 max.90 days: $60 min.-$300 max.30% of cost;$50 min.-$250 max.35% of cost;30 days: $35
min.-$150 max.90 days: $105 min-$450 max.
35% of cost;$85 min.-$375 max.Non-formulary brand50% of cost;30 days: $50 min.-$150 max.90 days: $150 min.-$450 max.50% of cost;$125 min.-$375 max.Not coveredPrescription copayment maximum$3,000 (member & family combined)
Does not applySlide37
Health & Well-Being
$10 copay
24/7 accessPhone or video consult
For common, acute conditions
Prescriptions available
TeladocSlide38
Health & Well-Being
BCBS Global
Hospital services
Physician services
Highmark ID card
International SOS
Clinics & 24-hour assistance centersMedical evacuation assistanceID “card” on Benefits OverviewMedical during International TravelSlide39
Health & Well-Being
$25 copay, no deductible, for annual exam
Discounts: glasses and laser vision correction
Vision Benefits (VSP)Slide40
Health & Well-Being
Confidential
Up to 6 face-to-face counseling sessionsTelephone consultationsHelp with legal and financial issues; senior or child care resources; disasters; and more
Employee Assistance Program (EAP)Slide41
Health & Well-Being
Promotes wholeness
Encourages preventive care
Offers opportunities to reduce medical deductibles and earn gift cardsSlide42Slide43
The Call to Health program saved my life.
It has allowed me to continue to serve
the Lord in my call and be with my family
for, prayerfully, many years to come.
– Pastor with early-stage prostate cancer, detected through annual preventive examSlide44
Health & Well-Being
PPO
DMO
Optional coverage administered by Aetna, offering:
Dental PlanSlide45
Assistance Program
Retired members’ financial & housing needs
Active members’ financial & vocational needs
Needs beyond the Benefits PlanSlide46
Assistance Program Grants
Retirees
Church Workers
Ministers Only
Income Supplement
Emergency Grant
*†Minister Educational Debt Assistance GrantHousing Supplement
Shared Grant
*†Sabbath Sabbatical Support GrantAdoption AssistanceTransition-to-College Assistance*Church worker must be employed by a church, but does not have to be a plan member. †Also available to retirees.Slide47
It’s brothers and sisters
helping brothers and sisters.
Assistance
Program
- Retired grant recipientSlide48
Board University
Employers, mid councils & members
Conferences: CREDO & Well-Being RetreatFace-to-face seminarsOnline learning
Available at pensions.org/
boarduniversitySlide49
Board University
Special discernment program for ministers
>2,000 PC(USA) clergy and presbytery executive staff have participatedInformation at
pensions.org/
boarduniversity
CREDOSlide50
Board University
What a sacred time of reflection and abundance … I have been reconnected to my Creator in the most powerful ways, and my call to serve Jesus in the Church has been renewed.
- CREDO participantSlide51
Key Considerations
Installed pastors must be enrolled for Pastor’s Participation
Whether in Pastor’s Participation or menu options:Adoption Assistance eligibility: Member and child must be enrolled for Medical Plan coverage
Retiree housing or income support eligibility: Member must be enrolled in the Pension Plan for 20 years (among other requirements)Slide52
Key Considerations
Pastor’s Participation
Transitional participation coverage available30-day medical coverage at no cost to member/employer after terminationSlide53
Providing Service
Employers
Enroll members for benefits
Terminate member’s employment/benefits enrollment
Update employee salary informationAccess online toolsMembersEnroll for benefitsReport qualifying life eventAdd or change beneficiaries
Receive a pension verification
Single sign-on connections to providers’ websites (Highmark, OptumRx, etc.)Benefits ConnectSlide54
Providing Service
Employers select benefits to offer employees
Employees elect benefits that meet families’ needs
Annual EnrollmentSlide55
Providing Service
Access to Benefits Connect
Board UniversityBenefits publications
Pensions.org ResourcesSlide56
Providing Service
Employer Services
Member ServicesChurch Consultants
Board of Pensions Resources
Spiritual
Health
Financial
VocationalSlide57
Providing Service
Your organization is wonderful – great online information and always available to discuss issues by phone!
– Church administratorSlide58
Spiritual
Health
Financial
VocationalSlide59
Spiritual
Health
Financial
Vocational
Board
University
Call to Health
Employee Assistance Program
Sabbath Sabbatical Support Grants
Presbyterian
CREDO
Income & Housing Supplements
Shared & Emergency Grants
Minister Educational Debt Assistance Grants
Adoption Assistance GrantsSlide60Slide61
For More Information
pensions.org
800-773-7752 (800-PRESPLAN)
memberservices@pensions.org