February 11, 2009
by Barbara Juckett

JEFFERSONVILLE, IN – The Presbyterian Foundation and its subsidiary, New Covenant Trust Company, have announced a voluntary early retirement incentive program in an effort to reduce payroll expenses and manage budgets during this challenging economy.

To qualify to participate in the voluntary plan employees must be age 55 and older with at least three years of service. Those employees accepting the package would retire effective March 23, 2009.

The early retirement incentive program is part of the foundation's on-going review of its operations and organizational structure.

"Given the current business environment, which has been seriously impacted by the severe economic downturn, the leadership of these organizations made the difficult decision to offer this voluntary early retirement incentive program," said Robert E. Leech, President and CEO of the Presbyterian Foundation Group. "The plan is carefully designed to provide incentives geared toward encouraging our employees who are approaching or are at retirement age to voluntarily retire earlier than they might have otherwise."

Leech added: "In addition to providing for our early retirees, our hope is that the resulting reductions in overhead will help us make organizational changes with minimal disruption to the remaining employees. We are also committed to maintaining the quality of services our clients and donors expect and deserve."

The Presbyterian Church (U.S.A.) Foundation cultivates, attracts and manages financial resources of individuals and institutions to serve Christ's mission through the PC(USA).

Presbyterian News Service