a journal of my journey

Posts tagged “Credit Crisis

PCUSA Pensions are secure

I am spending the weekend here in Sterling, VA at a New Church Pastors Discernment Conference with the PCUSA. More to come on this later…. At dinner tonight I was checking my email when I get this email, that caused not only me but the pastors around me to laugh:

PC(USA) Pensions Are Secure

You’re receiving this email because of your relationship with The Board of Pensions of the Presbyterian Church (U.S.A.). Please confirm your continued interest in receiving email from us. 
You may unsubscribe if you no longer wish to receive our emails.

Dear Plan Members:
The Board of Pensions of the Presbyterian Church (U.S.A.) is aware that there may be some concerns about the state of the Balanced Investment Portfolio given the current market conditions. The Board would like to reassure its members that pension benefits are secure. Robert W. Maggs, Jr., President and Chief Executive, has issued the following statement:
“The Board of Pensions Balanced Investment Portfolio experienced a negative 15.3% return for the nine months ended September 30, 2008. Investment markets continue to decline in an unprecedented global credit crisis. The Balanced Investment Portfolio is well diversified. While short-term performance is disappointing, we believe that prudent diversification will enable us to meet our long-term return expectations. Pension benefits are secure and our retirees and Plan members can expect to see their pension checks on the first of each month, just as they have in past months and years.”
This message has been sent to all active and retired Plan members who have an email address on file with us.
For additional information, please visit Pensions.org to review the statement issued by Rob Maggs on September 16, 2008
. ”

After more than a few of us have been worried about the stock market, it did not really trickle down to us at the conference. Well, maybe, but was not a major focus. I pictured in my head all the phone calls the Board of Pensions probably have gotten. This matches an email I got earlier in the day that was from my Credit Union that pretty much said the same thing. Silly question: Didn’t IndyMac and Wamu issue similar letters before they were taken over by the government.

And this is a good reason that I have really not started my 503b account (non-profit version of a 401k). I do have some but not much… sorry creditors!