As we move through 2025, the financial landscape has changed markedly. Initially, there were high hopes for economic growth driven by tax cuts and deregulation. However, the optimism started to fade from late February given the actions the Trump Administration took since January 20, 2025, and the rhetoric on tariffs.
Nonetheless, the market largely underestimated the extent of the tariffs until the announcement on April 2, which President Trump has called “Liberation Day”. A steep sell-off occurred in the equity markets afterwards. The tariffs, particularly with such magnitude and broad base, have sparked fears of a global trade war, economic recession and even stagflation.
The Pension Boards announced today that David A. Klassen has been appointed as President and Chief Executive Officer of the Pension Boards-United Church of Christ, Inc., effective March 31, 2025, following a comprehensive national executive search.
Since 2011, Klassen has served as Chief Investment Officer of the Pension Boards and United Church Funds, bringing a strong background in investment and finance, including positions as V.P. and Portfolio Manager at Morgan Stanley Dean Witter and Managing Director and Head of Equities at JPMorgan Chase. In a productive decade away from Wall Street, Klassen graduated from divinity school, earned 4 units of Clinical Pastoral Education (CPE) and was Partner of Springboard Leadership LLC, working with top leaders and organizations to build diverse leadership capacity in the finance, not-for-profit, and government sectors.
The Pension Boards announced today the appointment of Michele Hresko as Chief Information Officer for the Pension Boards, the first woman in the company’s history to lead the Information Technology team.
Michele succeeds former Chief Technology and Information Officer Thomas J. Nolan, who recently retired after 14 years of service.
The Pension Boards’ Interim President and Chief Executive Officer Walter A. Reyes today announced that Lan Cai, who has served as the Pension Boards Deputy Chief Investment Officer since 2015, will assume the role of Chief Investment Officer effective March 1, 2025.
Current Chief Investment Officer David A. Klassen, who joined the Pension Boards as CIO in 2011, will transition to a new role as Strategic Advisor in helping develop organizational strategies and providing support to the Investment Department while facilitating a smooth realignment.
A recent Wall Street Journal article entitled, “Church Retirement Plans Sidestep Federal Oversight—and Employees Pay the Price,” published February 24, highlighted the financial vulnerabilities faced by employees of certain church-affiliated organizations, where underfunded or insolvent pension plans left employees financially insecure for their retirement years.