Broken stained glass window? Fractured clerical clavicle? Church Pension Group can help. Its Church Pension Fund and Church Life Insurance divisions provide pensions, life insurance, disability coverage, and other benefits for clergy and workers of the Protestant Episcopal Church in the US. Church Insurance Companies provides specialty property/casualty insurance plans tailored specifically for churches. Church Pension Fund maintains the Episcopal Church Clergy and Employees' Benefit Trust (the "Medical Trust"), which was created in 1978 to provide benefits for the Church's employees and their families.
The Church Pension Fund's more than 7,000 members are generally above the age of 50 and are made up of about 65% men and 35% women.
With about $8 billion in assets, the Church Pension Fund's investments are split pretty evenly between US-based stocks and overseas stocks. The fund also dabbles in real estate investments, primarily in the US, Europe, and Israel. However, the New York-based fund has been increasing its international presence for a number of years and in 2009 opened its first Asian office in Hong Kong to explore investment options there.
In 2008 rising health care costs prompted the Church Pension Group to conduct a feasibility study to determine ways to rein in its health care expenses. Based on the results of the study, the group passed a resolution in 2009 to establish a mandatory health plan for active clergy and lay employees. The Church Pension Group expects to save about $135 million over a five-year period between 2012 and 2017 through reduced administrative costs and a healthier group of employees.
The organization also operates a publishing segment that publishes books, music, software, church supplies, curricula, and online services for church members and interested lay people. The Church Publishing Incorporated (CPI) consists of Church Publishing, Seabury Books, e-Publishing, Morehouse, Church Resources, and Living the Good News.
In late 2010, weakness in the publishing sector led CPI to announce plans to close its office in Denver and lay off about 40% of its workforce. The proliferation of e-books has hit some traditional publishers (including CPI) particularly hard. Along with making cuts, the company is increasing its electronic products portfolio. – less