CHICAGO, IL (October 16, 2013) — Dean Lundgren, vice president of finance and director of pensions for the Covenant, announced today that he would retire after 22 years of service, effective July 31, 2014.
Lundgren joined the Covenant Offices staff in 1992 as treasurer for the denomination and became the first director of the MBA program at North Park University the same year.
“What a great privilege and honor it has been for me to serve my church, its pastors, and missionaries,” said Lundgren, who also is the chair of Covenant Trust Company.
“I will miss it, but I also am looking forward to serving God in additional ways and having more time to spend with my wife, Jill, children and grandchildren.”
The Massachusetts native, known for his sports references when giving reports to the Annual Meeting, quipped, “I’ll also have more time to watch the Red Sox and Patriots.”
President Gary Walter said, “Dean has served for more than 20 years motivated by all the right reasons, using his considerable gifts in unreserved service to God.” He added, “His integrity and acumen mean financially we have managed both for mission effectiveness and fiscal responsibility.”
“We at Covenant Trust Company have had the pleasure of working closely with Dean,” said President Ann Wiesbrock. “We appreciate his generosity in sharing ideas and his wisdom. He has had a very positive impact on the entire Covenant by sharing his financial expertise.”
During Lundgren’s tenure, the pension plan grew from $42 million in assets under management in 1992 to more $204 million today. The plan is 104 percent funded, and the minimum payments pastors and missionaries receive have more than doubled.
Enrollment in Bethany Benefit Service has increased 50 percent. Medical rate increases went up only 4.5 percent annually over the past 10 years, well below the industry average. Since 1992, the medical plan has added long-term disability, prescription drugs, dental, and vision benefits.
Lundgren served as director of the North Park MBA program until 2001 and also was professor of strategic management. Under his leadership, the Axelson Center for Nonprofit Management was started, as was the dual degree program for students that combined theological instruction from North Park Theological Seminary with business and nonprofit administration education. It was the first program of its kind in the United States.
Lundgren’s previous business experience include serving as vice president of Cigna Corporation, where he worked for 20 years and was involved with investment management, strategic planning, corporate development, and investment marketing.
Lundgren is a lifelong Covenanter. He has been a member of Covenant congregations in Attleboro, Massachusetts; New Britain, Connecticut; and Palatine, Illinois. He has served in Covenant board leadership positions for local churches, regional conference institutions, and at the denominational level.
He earned a bachelor’s degree at Brown University, an MBA from Carnegie Mellon University, and a doctorate from Harvard University.