Illinois Great Rivers Conference 2025 Journal-Yearbook
Report Item 202: Conference Board of Pension and Benefits Report Subject: Conference Board of Pension and Benefits Report Submitted by: Illinois Great Rivers Conference Board of Pension and Benefits Estimated Financial Impact: The Administration apportionment underwrites conference-level administrative expenses of these plans. The current plan contributions are direct billed to local churches and participants. Staff and Resource Time: The Director of Finance and Administration and Conference Benefits Officer currently administer these programs as part of their responsibilities. Source of Funding: Direct assessments to local churches, church-related organizations and individuals, interest income and the Preachers’ Aid Society and Benefits Fund, Inc. (PASBF) Wespath Current Pension Liability Funding Status The Wespath calculated funding basis assessment of the three pension plans sponsored by the Conference and administered by Wespath are currently in the following funding positions. Pre-1982 Pension Rate and Special Grant Recommendations The 2025 pension rate for pre-1982 years of service is $879 per service year. CBOP approved a 2% increase (rounded up to whole dollars) to $897 per service year for 2026. The following special grant will be made for 2026: Ruth Sharrow be declared eligible to the claim of a dependent child for the service years of her father, Clarence Sharrow. MPP (1982-2006) Fully Funded Clergy Retirement Security Program (CRSP 2006-2025) Fully Funded COMPASS begins January 1, 2026 Wespath Aggregate Unfunded Pension Obligation One of the key financial considerations for a church as outlined in ¶ 1504.23 is providing for a share of the unfunded pension liability. If a local church or charge in the United States changes its relationship to The United Methodist Church through closure, abandonment, or release from the trust clause pursuant to ¶ 2548, ¶ 2549, or otherwise, notwithstanding whether property with title held by the local church is subject to the trust (under the terms of ¶ 2501), the local church shall contribute a withdrawal liability in an amount equal to its pro rata share of any aggregate unfunded pension obligations
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