The Annual Conference approved two recommendations brought by the Pastoral Compensation and Benefits Advisory Committee today, Saturday, July 6: revisions to the pastor’s Housing Equity Fund, and the annual cost of living adjustment to the minimum cash salary table for pastors.
A 3.3 percent cost of living adjustment was made to the minimum cash salary table for pastors.
The revisions to the Housing Equity Fund, which was created in 1975 as a savings fund to enable pastors living in parsonages to purchase their own homes after leaving the parsonage, shifts it from a mutual fund account to a qualified church retirement plan managed by Eder Financial. The reason for the change is that the mutual fund account created unhelpful tax consequences for participants.
Find the full text of business items at www.brethren.org/ac2024/business.
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