Pensions and Benefits (P&B) came to be as a result of action by the 1919 General Assembly. It was born out of a deep desire to care for Nazarene ministers and their surviving spouses.

Benevolence-providing charitable and emergency assistance as needed-was its key role in the early years. Yet, there was a dream that a real pension plan for ministers-one that was affordable for churches-could be established. This hope began to develop in 1955 when ministers were allowed into Social Security and churches were encouraged to pay half the cost of participation.The plan continued to improve.

In 1963, the church began offering a tax-sheltered annuity plan called the "Nazarene Minister's Retirement Program." An optional plan, churches and pastors were encouraged to participate, as they were able.

What is still known as the "Basic" Pension Plan was inaugurated in 1971. A unique system, the "Basic" plan allowed the church to provide her ministers a base benefit determined by years of service rather than by the ability of their congregations to contribute. A nearly unprecedented feature was the recognition for years of service all the way back to the denomination's natal date of 1908.The denomination accepted this debt with anticipation that participating districts would pay into a central fund that would then be invested. That system has worked, and it continues to this day. In 2006, Nazarene churches in the U.S. contributed a record $12 million to this fund, and almost $15 million was paid from the 'Basic' plan in benefits to 4,600 retired ministers and spouses.

The 403(b) program, serviced by Fidelity Investments, was launched in 1995. Ministers and congregations are encouraged to contribute to individual accounts as they are able. Presently, P&B USA deposits $1,000 annually to the account of every active, eligible minister whose church pays its Pensions and Benefits Fund assessment in full. For many churches, the amount they pay into the Fund is less than the amount placed in their pastor's account.

This system works because of the faithful giving of all U.S. Nazarene congregations and with the careful supervision provided by the Board of Pensions and the Investment Committee of the General Board.

Additionally, the Pensions and Benefits office administers other retirement, benevolence, and insurance programs. These plans are underwritten by the P&B Fund as well as by premiums paid by individuals and local churches. In 2006, nearly $35 million was paid out through programs administered by P&B USA.

Established in 1985, Pensions and Benefits-International was formed to serve the growing needs of the global church. The work of P&B-International is coordinated through both Nazarene Financial Services and World Mission. Each year reports are received through the regional offices for the many plans and programs serving the needs of those serving the church throughout the world. Since 1992, the International Contributory Retirement Program (ICRP) has been used by many world areas to provide for retirement needs of those without a local alternative. By the end of 2006, nearly 1,000 individual account holders were being served by the ICRP.

The continued global expansion of the church will mean an increase of local churches around the world providing pension and benefit programs as an expression of care for those who serve them in ministry. Over nine decades, Nazarene Pensions and Benefits has partnered with ministers, churches, and districts to provide information and administer a wide range of financial assistance. That tradition continues in the church's second century as they support more than 14,000 dedicated ministers and pursue their goal of "Serving Those Who Serve."

Don Walter is the fourth director of Pensions and Benefits USA, having been elected to the post in 1994. He has served in the pensions office since 1983.

Note: All amounts are expressed in U.S. dollars.

Please note: All facts, figures, and titles were accurate to the best of our knowledge at the time of original publication but may have since changed.