DETROIT – The 221st General Assembly of the Presbyterian Church (USA) confirmed a new president and CEO of the Board of Pensions (BOP) during Wednesday afternoon’s business plenary at the Cobo Center.
Commissioners approved a recommendation (Business Item 12-11) from the BOP, PILP, PCC, Foundation Committee to appoint Frank C. Spencer as the BOP president/CEO. He was approved by a voice vote with no opposition.
Spencer will take over for Robert Maggs, who announced in 2012 that he would be retiring after the 2014 General Assembly.
“We are grateful for his service and confident his actions will transition the Board of Pensions for the future,” Thomas C. Paisley, outgoing BOP board of directors chairman, said of Maggs.
Spencer will begin his duties July 1.
“Brothers and sisters, this is a humbling call, first because you have seen me worthy to join the incredible team that works with skill on your behalf at the Board of Pensions,” he said. “This is a critical time in the church. We know we are facing structural and organizational issues. But we will remain energetic, loving and caring as we partner within the broader congregation. In that way, we will move forward.”
Spencer shared stories of people he knew who had been assisted by the Board of Pensions in noting its important work.
“We proclaim the gospel of Jesus Christ, the heart of whose message is transformation. With God all things are possible,” he said. “Some folks need a little bit of help. Some folks need a lot of help. We will try to keep providing that from person to person, which gives a chance to serve those who serve our church.”
Commissioners also approved Business Item 12-7, the recommendation to renew another four-year term of service for Tom Taylor as the president/CEO of the Presbyterian Foundation.
His confirmation also came by voice vote with no opposition.
“It is with deep gratitude that we thank God for his faithful service, creativity, his commitment to mission and, most of all, to serve the Presbyterian Church and Jesus Christ in raising and disbursing funds for mission,” David Davis, chairman of the Foundation’s board of directors, said of Taylor.
He added that the Foundation had reversed a downward trend in giving under Taylor’s leadership and was on track to experience significant financial increases in 2014.
“This is the most satisfying, meaningful, fulfilling work I have ever done. I was a whitewater raft instructor, so that’s saying something,” Taylor said.
Jack Shelver, moderator of Committee 12 (BOP, PILP, PPC, Foundation), informed commissioners that the pension fund is fully funded and continues to show hope for the future in providing affordable health care and benefits while other private pension programs struggle.
“Friends, we are covered,” he said. “We have faithfully accepted the charge of caring for our members through the funds entrusted to us. ”
Shelver also noted that the Presbyterian Investment Loan Program (PILP) just completed a 13th straight year (2013) with a year-end surplus, showing $75.9 million in its loan portfolio and $8.9 in loan commitments. He mentioned that PILP is receiving more loan requests but in smaller amounts, and the delinquency rate remains low.