The Presbyterian Outlook readers are among many who have asked about the status of their retirement funds being managed by the Presbyterian Church (U.S.A.) Board of Pensions. In response, Robert Maggs, BOP executive director, issued the following statement (also on the board Web site: www.pensions.org):

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.

“The Presbyterian Outlook staff joins with all fellow Presbyterian ministers, mission co-workers, and staff participating in the retirement plan in expressing appreciation for the steady hand and prudent financial management that has continued to make the Board of Pensions such a secure support for our retirement years.  We pray for continued success for the BOP. Together we join in praying for a stabilizing of the financial markets and recovery of financial confidence worldwide,” says OUTLOOK editor Jack Haberer.

--The staff of The Presbyterian Outlook

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MWS - HR
written by John Bush, October 10, 2008

This kind of reassurance is nice, but I would feel much more confident if the Board of Pensions would be specific with us: what is the exposure to the current crisis, and what is it's impact on the Board's investment results.