U.S. Presbyterian Church's Board of Pensions now has an ordained minister presiding over its operations.
The Rev. Frank C. Spencer, president of Board of Pensions of the Presbyterian Church (U.S.A.), Philadelphia, was ordained by the Presbytery of Charlotte, N.C., last month, said Lea Sitton Stanley, spokeswoman for the board, which oversees $9.4 billion in assets.
The ordination service was conducted at Mr. Spencer's home church, Selwyn Avenue Presbyterian Church, in Charlotte. Mr. Spencer was presented for ordination on behalf of the Board of Pensions by the Rev. John G. McFayden, vice president of church relations at the board.
“For such a time as this, I am convinced that God has called Frank,” Mr. McFayden said at the service, according to a news release. “Undeniably, these are times of change in our church and the Board of Pensions. ... He will serve humbly and with enthusiasm.”
Mr. Spencer said that although being ordained a minister “does not have an impact” on the technical aspects of presiding over the board — its asset allocation strategy will remain the same — it will help him better understand the needs of the pension plan's participants.
“Having gone through seminary and participating in the life of the church not just as a businessperson but also as a minister provides me with a deeper insight to the needs of the people we are here to serve,” he said.
Mr. Spencer is the first teaching elder to lead the Board of Pensions since the Rev. J. Phillips Noble served as co-president with Arthur M. Ryan in 1987 and 1988.