Church Executive SEPT / OCT 2019 DIGITAL ISSUE | Page 25

“We want to make sure they know that it’s preparation for their pastor's well-being after retirement,” she explains. “Additionally, there’s a risk management component for the church to consider.” By this, she’s referring to disability benefits provided in the comprehensive retirement plan in which all SPEP pastors are required to be enrolled. In the short term, disability benefits may be provided through the Comprehensive Plan in the event the pastor is unable to work due to an illness or disability; should the pastor suffer an untimely death, the beneficiary may receive payment from a group life insurance policy. Investment planning goes hand in hand with retirement planning, as SPEP places a priority on teaching pastors the basics, since their retirement accounts are vested. “We want them to know that they can log into their accounts and look at asset allocation — stocks versus bonds, ratios and so on,” Norori says. “They should feel comfortable and confident in the actual knowledge of their investment positions.” “It changed our entire financial outlook and improved our cash flow in life-changing ways.” — Rev. Dr. Byron L. Benton Church financial management Once SPEP pastors’ own financial houses are in order, it’s their churches’ turn. In the third year of the program, the church financial management portion incorporates all the previous curriculum aspects, but on a much larger scale. “The aim is for financially well pastors to be able to communicate and share their knowledge,” Norori explains. “It's basically a progression from the individual to the community.” For this phase of the curriculum, a lay leader is, again, invited to join. According to Mrs. Benton, that has been extremely helpful. “It’s one thing for a pastor to take financial management information back to the church,” she says. “It’s another when a lay leader — in our case, the treasurer — hears it firsthand and passes it on to the rest of the staff and to the trustees. Then, those changes become a big deal.” Estate planning basics This phase of the SPEP curriculum covers wills, power of attorney, do-not-resuscitates (DNRs), trusts and more — “all the things we don't really think about from day to day,” Norori says. Prior to SPEP, the Bentons were ahead of the game when it comes to estate planning. They already had a living will, a trust in place, and trustees identified. Even so, Rev. Dr. Benton says he learned quite a bit: “You realize you’re not as literate as you thought.” Spousal buy-in is key SPEP pastors are expected to participate in an annual cohort retreat, including spouses (to the best of their ability). As Rev. Dr. Hopper explains, this is because conversations around money — and the understanding of financial principles — are important for the whole family. “Transparency is important to the goals of our program,” he says. “We encourage an environment of ‘safe-space’ and ‘no-judgement.’” Mrs. Benton recalls her husband’s excitement at all he learned in SPEP the first year. “It piqued my interest,” she recalls. “I wanted to engage more, but I was one to shy away from anything to do with finances.” After attending the second year of the SPEP program, Mrs. Benton says she was able to make a real connection with the private financial conversations between she and her husband. “It has also given me a greater understanding of church-wise impact,” she adds. Learning from each other For all SPEP pastors, regular contact with the pastoral cohort is facilitated electronically by the program director. For Rev. Dr. Benton, this practice has fostered accountability. “It's just human nature; when you’re expected to give an update on where things are and how you're doing, it motivates you,” he explains. Additionally, this interaction has become a place of testimony. “All of us have been processing the same information, so we're a family,” Rev. Dr. Benton says. “Now we’ve been talking about how to continue our cohort model once SPEP is over.” Rev. Dr. Perry J. Hopper, MBA Associate Executive Director MMBB Program expectations As a sign of financial stewardship, SPEP Ania Norori Director pastors’ congregations are expected to enroll Strategic Pastoral their pastors in MMBB’s Comprehensive Excellence Program Retirement Plan. For the three-year course of this program, MMBB underwrites the plan premiums through funds available from the Lilly Endowment grant, 50 percent of the Plan Premium in year one, 40 percent in year two, and 25 percent in the final year. As Rev. Dr. Hopper explains, MMBB’s commitment to sharing the cost reflects its belief in taking a holistic approach in recognizing that clergy financial well-being impacts families, the local church, and the larger community. Participation is meant to communicate to the congregation that these benefit protections are important for the pastoral leader, and also for protecting the church in the event of his or her unforeseen disability or death. For Rev. Dr. Benton and his congregations who were already members of the Comprehensive Retirement Plan, these financial resources were reallocated to provide other staff members with benefits. Out-of-office SPEP pastors and their congregations must commit to full engagement in the program for the course of three years, including attending annual offsite meetings, and making time in the pastor’s schedule for regular participation in cohort activities. Rather than hesitation, Rev. Dr. Benton, says his congregations’ reactions have only been positive. “They were excited about the information I was getting and the experience, because I would come back and share it all,” he says. Importantly, all costs associated with travel for cohort meetings are paid for by SPEP. According to Rev. Dr. Hopper, this is because MMBB assumes these costs as an investment in SPEP participants, with the goal of a long-term benefit of their education in the area of clergy finance and church financial management. “SPEP program participants are amazed to have MMBB stand alongside them in covering the cost of the program,” Rev. Dr. Hopper adds. “This gesture demonstrates our passion for our work as a ministry.” Inquiries regarding SPEP may be directed to Ania Norori, program director, at [email protected]. CHURCH EXECUTIVE.COM | 25