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FAQs on Proposed Pension Amendments

Context and FAQs

Proposed Gather 2019 Amendments to the Covenant Pension Plan (“CPP”) and the future structure of retirement savings for credentialed Covenant pastors

This page is intended to outline and respond to some of the most frequently asked questions (FAQs) surrounding the proposed amendments to the CPP. Our hope is to provide enhanced context and clarity to the 26-minute video at the following link: https://covchurch.org/bbs/pension/. We encourage you to watch the video as well.

FAQs will be updated as additional questions / clarifications warrant. We trust this provides a useful summary of the proposed changes to the CPP and related implications for pastors, missionaries, conferences, local churches, and other CPP employers.

CPP amendments will be voted on at Gather 2019 in Omaha. A restatement of the full CPP legal document will be provided in the coming weeks—well before our time together at Gather. Note: these changes remain subject to final approval of the Covenant Executive Board. As such, this summary represents an advance preview only.

We are always grateful to receive feedback at CovPensionFeedback@covchurch.org, and, if needed, questions can be directed to Paul Hawkinson, director of pensions (312.307.8774).


Context

For decades, the CPP has been (and will remain) a wonderful benefit for many faithful Covenant pastors. At the same time, real and increasing trends—including the diversity of ministry service pathways, participant longevity, and investment volatility—compel us toward proactive managing of risk as we seek to deliver on 100% of future CPP promises.

The proposed CPP amendments are the result of a three-year comprehensive process of plan evaluation. For greater context, we encourage you to watch past Pension presentations from the Gather video archives (since 2016). As you review archive footage, you will note that our messaging has been very consistent over the past three-plus years. We are excited about the vision for future retirement offerings as we seek to steward risk while best caring for those who faithfully serve.

Please note that while these amendments create options for current plan participants, there are few, if any, required actions. There will be plenty of time for further discussion and education in the months ahead. Consider this a first-level overview.

We are deeply grateful for your continued feedback and prayer as we walk alongside you!


Summary / FAQ