Board of Pensions 2022 Benefits
The Board of Pensions (BOP) has announced the time frame for employers to select benefits offered to employees for next year. The window for creating your employer agreement will be open July 19 through Oct. 8.
While full details of 2022 benefit costs will not be available until July 19, BOP has announced that medical dues for Pastor’s Participation will remain at 27% of effective salary for 2022, with no change to the minimum dues basis. The dues for the Defined Benefit Pension Plan (8.5%), Death and Disability Plan (1%), and Temporary Disability Plan (0.5%) are also unchanged for 2022. The total dues for Pastor’s Participation will remain at 37% of effective salary for the fifth consecutive year.
Please click here for more information on 2022 benefits offerings and how to create your employer agreement.
American Rescue Plan Act
On March 11, President Joe Biden signed the American Rescue Plan Act, a $1.9 trillion coronavirus rescue package designed to facilitate the United States’ recovery from the devastating economic and health effects of the COVID-19 pandemic. Here is some information from Suttle & Stalnaker about how the provisions of the act may benefit you and your church.
Please note that though the SBA is no longer accepting PPP loan applications, there is still assistance for employers available through the Employee Retention Credit. This credit was established under the CARES Act and encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Church Law & Tax has an article with detailed information, and they recently held a free webinar on the topic, a recording of which is available here. I have the handout from the webinar available.
UPDATE: Practical Resources for Churches is hosting a free, hour-long webinar on this topic at 2 p.m. next Thursday, July 15. Get more information and register here.
Staying on Budget During the Summer Giving Slump
In this free article, Church Tax & Law has five suggestions for coping with the dips in regular giving that churches can experience during the summer months.
Church Financial Leadership Grants Available
From the Presbyterian Foundation: Grants are available to assist pastors to attend continuing education opportunities, which will help them in leading their congregations toward financial and missional vitality. Click for more information. Church stewardship team members are encouraged to apply with their pastors. Download and complete the grant application. Applications for Stewardship Kaleidoscope, one of the pre-approved events, are due by July 16. All applications received after that date will be reviewed and processed based on fund availability. Grant applications may take up to four weeks to process.
The Presbyterian Foundation also has additional resources, tools, and other support to provide pastors and church leaders help “to address the financial and leadership challenges of congregational ministry and mission in the 21st century.” We encourage you to visit their website to see what is available and how it may help your church.
From the Board of Pensions Connections Newsletter
It’s time for a financial wellness checkup! If you’re concerned about your finances, you’re not alone. More than 75 percent of Americans report feeling anxious about their financial situation, and more than half say that finances control their lives. Learn how a financial wellness checkup can help you improve your financial health.
Ecumenical Stewardship Center closing
The Ecumenical Stewardship Center (ESC) Board of Directors voted to dissolve the corporation and cease operation in 2021. However, the Lake Institute on Faith & Giving is stepping into the void left by the absence of the ESC. More information about this change can be found here; visit the Lake Institute on Faith & Giving to see its work/resources.
2021 Special Offerings Calendar
Here is the calendar for the four churchwide Special Offerings of the Presbyterian Church (U.S.A.), of which two remain:
PEACE & GLOBAL WITNESS: Sept. 5 to Oct. 3
CHRISTMAS JOY: Nov. 28 to Dec. 19