Dear Friends:

During the past year The Church Pension Fund Board of Trustees (CPF Board) has worked with the Church Pension Group (CPG) in navigating the choppy waters of a global pandemic and urgent cries for racial justice across the United States. We have been impressed by the organization’s focus and its people’s ability to get the right things done while adapting to new situations.

For the fiscal year ending March 31, 2021, CPG surpassed its ambitious goals for investment performance, client service, and financial management. Over the same period of time, its people adapted to the realities of remote work and leveraged technology to be in constant contact with their clients—and with the CPF Board.

We were pleased with the degree of transparency the organization offered to its stakeholders—in its constant outreach to individuals and institutions in its orbit, its newsletters and other bulletins, its weekly updates to the House of Bishops, and its regular check-ins with Church leadership.

The CPG team has kept its eye on the horizon. It has remained faithful to its vision of providing clergy and lay employees of The Episcopal Church with the highest possible level of income in retirement consistent with exemplary financial stewardship and the evolving needs of the Church.

The diverse perspectives and professional gifts that members of the CPF Board bring to the table at every meeting help ensure that CPG stays the course, especially in turbulent times. During the past year, the CPF Board spent additional, focused time engaging in guided conversations about diversity, equity, and inclusion. We are committed to doing the work that CPG and many organizations around the Church are doing to make sure all voices are heard and all members are respected.

It has been a difficult year but also a gratifying one. There is more work to be done; the pandemic is not over and the road to racial reconciliation is long. However, we are confident that CPG and the CPF Board will continue to do what we have been called to do for more than a century: We will support the people and institutions of The Episcopal Church so that they can focus on their ministry.


The Rt. Rev. Thomas James Brown

The Rt. Rev. Brian N. Prior
Vice Chair

Canon Kathryn Weathersby McCormick
Vice Chair

Mary Kate Wold
Chief Executive Officer and President
The Church Pension Fund