Historic Philadelphia

Synods of Philadelphia and New York.
Although this fund existed as a quasi-official
church organization, it never officially became
affiliated with a denominational church. The
Widows’ Fund became the first life insurance
company in America and eventually became
known as “The Presbyterian Ministers’ Fund.”
Until 1994, it existed as “Covenant Life.” In
1994, Covenant Life merged with Provident
Life, taking the latter name.
The predecessor denominations to the
Presbyterian Church (U.S.A.) continued its
emphasis on a relief approach to caring for the
servants of the church through the nineteenth
century. The effort was incorporated as the
Presbyterian Board of Relief in 1896. However,
by the end of the nineteenth century it became
apparent that a fund that would provide benefits
would be helpful. This view became incorporated
in 1909 as the Ministerial Sustenation Fund.
The denomination consolidated these viewpoints
into a corporation that bore both their
names in 1918. By the late 1920s, the churches
were exploring the concept of contributory pension
plans, much like those in the corporate
world. Contributory plans were approved by the
late 1920s, requiring a percentile contribution.
Separate plans were designed for lay employees.
The corporation changed its name to the Board
of Pensions in 1928.
Another benefit provided by the Board is
medical care. The program currently provides
comprehensive protection against catastrophic
medical expenses by using cost containment
features and case management. The
Board is committed to offering the best possible
medical plan to protect its members.
The plan was developed to pool resources
and provide a minimum pension to aid those
on lower salaries. In 1983, the Presbyterian
Church (US) and the United Presbyterian
Church, USA, reunited after more than 100
years of separation. Each denomination had
sponsored a benefits plan. The reunited
church now affirms its responsibility to care
for the well being of those who have dedicated
their lives to serving the church through its
comprehensive benefits and assistance programs
administered by the Board of Pensions.
The Board operates from its headquarters at
2000 Market Street. The Board employs about
250 people, a workforce made up of a diverse
population and different religions. The headquarters
offices are designed to be aesthetically
pleasing to workers with thematic art gracing
hallways and a display case in the lobby contains
many historical artifacts from its various predecessor
organizations, including a glass slide
show dating to 1917. The Board purposefully
chose to locate its office in Center City, underscoring
its historic relationship with the city.
Board of Pensions’ employees participate in
the United Way campaign, Toys for Tots campaign,
and food pantries. In 1996, the
Delaware Valley Child Care Council named it
“Best Employer for Working Parents.”
Looking ahead to the future, the Board of
Pensions is constantly reviewing the benefits in
terms of adequacy and style. Currently the
Board is searching ways to expand participation
to church workers who need benefits. President
of the Board Robert W. Maggs, Jr. is committed
to “excellent service and excellent benefits.”
✧
Above: The Board serves active and retired
members using the latest technology.
COURTESY OF CRANE PHOTOGRAPHY, INC.
Below: The Board of Pensions administers
benefits nationwide for a diverse
membership, including Spanish and Koreanspeaking
members.
COURTESY OF CRANE PHOTOGRAPHY, INC.
QUALITY OF LIFE
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