Last Updated: March 27, 2020
Here are the latest updates from PBUCC during the COVID-19 global emergency.
The Coronavirus pandemic and the economy are moving in opposite directions: as the virus spreads, the economy contracts. Only when the virus is contained and lockdowns abate can we work our way back to economic growth. There is, however, another understanding of economics that is already guiding us in hope-filled directions.
The Pension Boards has received several inquiries about the recently- issued legislation and guidance concerning COVID-19, especially provisions bearing on benefits, church employees, including clergy and lay workers, and health plans. We are in the process of evaluating the specific impact of these provisions on our benefit plans and for our members. We will keep you updated through these communications and on the Pension Boards website (www.pbucc.org).
Financial markets have been weak in 2020, with the Standard & Poor’s 500 Index (S&P 500) at -20% year-to-date. (As a reminder, this follows a +31.5% performance in 2019).
March 23, 2020
The Pension Boards is beginning its second week of remote operations in response to the COVID-19 pandemic.
Last week witnessed the continuation of rapidly changing conditions in both global health and fluctuations in the global economy. At the Pension Boards, we have long been committed to working in ways that are agile, consistent, and conversant. I am pleased to report that this commitment, which informs our organizational culture and operations, has allowed us to adapt quickly and effectively to meet your needs. The collective effort of the entire Pension Boards staff enables us to keep our business operations going smoothly.
During this time when the Pension Boards physical offices are closed:
March 18, 2020
In this Q&A, the Pension Boards outlines how we continue to manage our business through the current situation related to COVID-19. We want to assure you that we are monitoring the situation, responding quickly, collaborating internally and externally, and that all our management practices and process are intact.
March 16, 2020
Our thoughts have been with you, our members, as we live into the changing daily realities arising from the COVID-19 pandemic. Whether it has been the suspension of worship services in your congregation, school closings affecting your children, or social distancing from others, all of us are being impacted in some way by this public health crisis.
March 16, 2020
The Pension Boards-United Church of Christ has announced the temporary closing of its offices at 475 Riverside Drive effective today and for a period of up to three weeks, due to the varying degrees of severity and complexity of COVID-19 in New York City and surrounding areas.
March 15, 2020
The U.S equity market peaked on February 19, 2020, with the Standard & Poor’s Index of 500 stocks (S&P 500) reaching 3,386, and subsequently correcting to 2,480 on March 12, 2020, a 26.75% drop in merely three weeks. Moreover, volatility has been extreme, with circuit breakers (causing a pause in trading) hit twice in the cash market and twice in the futures market in one week.