Board of Pensions President announces retirement

“It has been my greatest honor to be entrusted with serving those who serve our Church,” Dr. Spencer said. “I am deeply grateful for the expertise of our skilled staff, and for their dedication to the critical mission of the Board of Pensions as they worked alongside me these past 12 years.” 

“Frank has led an unprecedented expansion of access to agency benefits and programs,” said S. Bradley Perkins, Chairperson of the Board of Directors. “He deeply loves the Church and has led the agency’s ongoing pursuit of both support for ministry and growth through lay membership.” 

Dr. Spencer assumed the presidency July 1, 2014, with confirmation by the 221st General Assembly (2014). His expansion of the agency’s benefits and programs enabled a wider range of employers to participate, attracting PC(USA)-affiliated employers into the Benefits Plan of the PC(USA) and clearing barriers to membership, reversing chronic decline. Dr. Spencer enabled the Medical Plan to grow and continue supporting the Church amid rising healthcare costs and the COVID-19 pandemic while guiding stewardship of over $14 billion in assets during a rapidly changing economic environment. 

To ensure the security of data entrusted to the Board, Dr. Spencer oversaw a multiyear modernization of the agency’s technology infrastructure. He has supported the creation of a culture of belonging among Board staff, which holds that diversity, equity, and inclusion are key to excellence and fundamental to the mission of serving the ever-reforming Church.  

Michael F. Fallon Jr., Executive Vice President & Chief Operating Officer and a Board of Pensions staff member since 1988, said Dr. Spencer has transformed the agency from a passive provider of a single benefits package to a modern provider that expands and revises benefits offerings annually. “Frank’s vision for the agency has laid the foundation for keeping our infrastructure and operations current, the Benefits Plan healthy, and our staff committed to serving the PC(USA),” Mr. Fallon said. 

Mr. Perkins said Directors would form a search committee to identify a successor to Dr. Spencer, with plans to present a candidate to the General Assembly for confirmation next summer. Under the Board of Pensions bylaws, the committee will consist of at least five members and include one designated by the Unification Commission.  

Anyone interested in becoming a candidate for the position should contact Christopher W. Jackson, Senior Vice President, Human Resources.