20 Minutes with Robert Maggs
No institution exercises greater impact upon the life of the Presbyterian Church (U.S.A.)'s retired church professionals than the Presbyterian Board of Pensions. Outlook editor Jack Haberer sat down to talk about that with BOP President and CEO Robert Maggs.
JH: Rob, when it comes to retirement, the first thing that comes to mind for most of us is, "How am I going to survive?" That puts a lot of weight and responsibility upon the administrators like yourself for pension programs. Tell me about that.
RM: I think that first thing we have to do is to get people thinking about retirement early on. I like to say, "Start thinking about it the first day you have your first job." So our job is really to educate people, especially our plan members, from the time they're in seminary right through their career until they have filed that application to receive a pension. The pension is going to be a good pension. Someone said this is the best pension plan in America. That was a "Jeopardy" question, I think. But the pension alone doesn't do it. So our job is to explain to people all the risks and rewards and joys and concerns that can happen during their life, how it's going affect their financial future and what they should be doing to hedge those risks, if you will. That includes savings through a retirement savings plan. It includes good financial planning. It includes programs that help people take care of their mental health, their physical health, as well as their financial health so that they can have productive careers.