Important Update: Assurance of Continued Annuity Payments

March 16, 2020

The Pension Boards-United Church of Christ has announced the temporary closing of its offices at 475 Riverside Drive effective today and for a period of up to three weeks, due to the varying degrees of severity and complexity of COVID-19 in New York City and surrounding areas.

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Financial Markets: What Has Happened in the Last Three Weeks?

March 15, 2020

What has happened in the last three weeks?

The U.S equity market peaked on February 19, 2020, with the Standard & Poor’s Index of 500 stocks (S&P 500) reaching 3,386, and subsequently correcting to 2,480 on March 12, 2020, a 26.75% drop in merely three weeks. Moreover, volatility has been extreme, with circuit breakers (causing a pause in trading) hit twice in the cash market and twice in the futures market in one week.

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The Pension Boards Temporarily Closes Office

New York, March 15, 2020 – The Pension Boards-United Church of Christ today announced the temporary closing of its offices at 475 Riverside Drive, for a period of up to three weeks, due to the varying degrees of severity and complexity of COVID-19 in New York City and surrounding areas.

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2019 Annual Report Magazine

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Financial Markets: What Is Happening? (March 6, 2020)

Investors have continued to sell global equities and other risk assets like high yield bonds and corporate debt, as continued economic impact from the COVID-19 virus becomes apparent. The U.S. equity market has continued to be very volatile, with big swings this week. The clear implication is that global growth will come down, as concern about China and neighboring countries has now migrated to our shores.

Bond investors continued to be positively rewarded during this time period, benefitting from central bank polices to lower interest rates around the world. The U.S. Federal Reserve (Fed) once again lowered rates after doing so three times in 2019, responding to changes in market rates and attempting to provide support to the economy.

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Financial Markets: What Is Happening?

Investors have again become more pessimistic and global equities have sold off over worries about the continued spread of the SARS-Co V-2 (Wuhan Coronavirus) beyond its epicenter in the central province of Hubei. Infections have now been reported in 28 countries, and news from Iran, Italy, and Spain provoked fear about what could happen in the U.S. The Centers for Disease Control and Prevention (CDC) today warned about potential “disruption to everyday life.”

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UCC and PBUCC Enter Into Fundraising Partnership to Support Clergy Financial Wellbeing

In response to the urgent problem of clergy educational debt, the Pension Boards-United Church of Christ (Pension Boards) and the National Setting of the United Church of Christ (UCC) have entered into partnership to raise $3 million across the wider church in support of clergy financial wellness. This collaborative fundraising effort, the first of its kind collaboration, reflects the ministries’ shared commitment to holistic wellbeing of those who serve the church.

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New Legislation Resolves Three Important Issues for Ministries and their Employees

Congress has passed new legislation that repeals certain taxes and reduces costs for ministries and their employees. Thanks to the bipartisan support of legislators in both houses of Congress, the resources of America’s religious communities can remain focused on their mission work rather than on these onerous taxes and costs. The Church Alliance (church-alliance.org), a coalition representing 38 denominational benefits organizations, urged legislators to fix three issues that negatively impacted the ministries and church workers they serve.

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