BOP reviewing policies on reserves, governance
In an effort to maintain members' trust and sustain its reputation, the Board of Pensions (BOP) of the Presbyterian Church (U.S.A.) is reviewing several of its guidelines and policies.
The self-review takes in everything from the pension plan's contingency reserve to how it recruits and trains prospective members and governs itself. "Every few years, we undertake significant review, especially of the valuation methodology for the pension plan and the death and disability plan," said Robert W. Maggs Jr., the board's president and CEO. "We are trustees ... for over $6.5 billion dollars, and over 56,000 people count on us for their benefits or financial assistance. We can't risk reputational harm because of non-compliance or a bad governance process."
With that in mind, the 32-member board of Presbyterian clergy and lay members from throughout the United States is at both ends of the microscope.