An Update About the Path to Retire Well

A little more than a year ago, NBUSA announced a significant improvement in our approach to assisting active Nazarene ministers to retire well. The new Ministers Match program began January 1, 2024, as the former Annual Pension Supplement (APS) program ended in 2023.

Under the APS program, if a local church paid at least 50% of its annual NBUSA budget allocation, we contributed $200 to their pastor’s account—without any consideration if the local pastor and/or church had contributed to the pastor’s 403(b) account. That amount would increase if the church paid 100% of its NBUSA Fund budget and could increase further through a limited match if the church also paid 100% of its Education Fund budget allocation. In 2022 and 2023, the average amount we contributed to a local minister’s 403(b) account under the APS program was about $600.

With that in mind, I am pleased to provide this update about our results under the new program through the first six months of 2024.

Minister Participation

The number of ministers who received an NBUSA match increased by 37%, from 1,213 in 2023 (for the entire year) to 1,658 for just the first six months of 2024.

We consider this to be a significant improvement and is confirmation to us our messaging about the importance of saving for retirement is being heard and understood across the U.S.

Average NBUSA Contribution

Even more significant has been the increase in the level of NBUSA contributions due to the local effort response by pastors and their churches.

For the first six months of 2024, the average minister received $1,153 in contributions from NBUSA. This is nearly double the average a minister received in 2023 and 2022.

For the first six months of 2024, the average minister received $1,153 in contributions from NBUSA.

Average Total Contributions

For the first six months of 2024, the average local church minister realized total contributions of $4,056 into their 403(b) account. This was derived from $2,903 (72%) from the local church and/or pastor and $1,153 (28%) from NBUSA.

The collaboration of effort between the local minister, local church, and NBUSA is evident in these results, and we are only half-way through the first year of this new program.

Student Debt Payments

In June, we added an additional component to the new matching program by allowing ministers to use the amount of their student debt payments as “local effort” available for the NBUSA match. Since making this available in mid-June, 45 ministers have enrolled in the program as of this writing.

We look forward to many more pastors and churches participating in the new Ministers Match program to help the local Nazarene church pastor retire well, which we define as being able to retire at a normal age and with the resources necessary to support their lifestyle.

Kevin P. Gilmore serves as executive director of Nazarene Benefits USA for the Church of the Nazarene.