From the Director
By Kevin P. Gilmore
So Important...and Uncomplicated!
T
his newsletter has a different look because of our new brand and name change to Nazarene Benefits USA (NBUSA). While our brand and name have changed, our mission and dedication to serving those who serve the Lord has not. We have a vision for every currently active and future Nazarene minister to retire well. By “well,” we mean able to retire with sufficient financial resources and live comfortably without financial dependency on others. This requires financial resources from three major components: 1) Personal savings/assets, 2) Social Security benefits, and 3) Nazarene retirement benefits. Some may have resources from other places, such as retirement accounts from another career or from a spouse, but the vast majority will need at least the three listed above. These sources are critically important because Social Security and Nazarene retirement benefits are only intended to supplement, not replace, a minister’s income in retirement. The financial blessings of the past several years have provided NBUSA with a sustainable pathway to meet future benefit obligations of the Basic Pension Plan. Because the funded status of this plan has stabilized, we now have additional resources to improve benefits of active ministers.
Retirement readiness of active ministers is the single most significant financial issue facing U.S.-based Nazarene churches today.
Winter 2024
Retirement readiness of active ministers is the single most significant financial issue facing U.S.based Nazarene churches today. To strategically address this problem among clergy, we recently announced changes, effective in 2024, in the way NBUSA makes contributions to the 403(b) retirement accounts of ministers (learn more at 3
