The word "dispensation" is used many times in the Bible, although it is not always translated the same way. In Ephesians 3:2, Paul writes of "the dispensation of the Grace of God, which is given me to you-ward." God committed to Paul, specifically, the message of "the Grace of God" as "the mystery (secret)" that is now revealed" and to be dispensed to "all men" (Eph 3:9).

⁵ Which (mystery) in other ages was not made known unto the sons of men, as it is now revealed unto his holy apostles and prophets by the Spirit; Ephesians 3:5

The "mystery (secret) of godliness" (1Tim 3:16) is Christ Himself is the embodiment of "the Grace of God," given to indwell every believing member of "the body of Christ."

¹⁴The Word became flesh and made his dwelling among us. We have seen his glory, the glory of the one and only Son, who came from the Father, full of Grace and truth.

¹⁶Out of His Fullness we have all received Grace in place of Grace already given. 

¹⁷For the law was given through Moses; Grace and truth came through Jesus Christ. John 1:14, 16, 17

¹¹ For the Grace of God that bringeth salvation hath appeared (Gk., epiphaino, appeared as light), to all men, Titus 2:11

¹² Then spake Jesus again unto them, saying, I am the light of the world: he that followeth me shall not walk in darkness, but shall have the light of (My) life. John 8:12

So, who is this one who in grace appeared as the light of the world to bring salvation to all men? It is the Lord Jesus Christ Himself as the embodiment of grace and light.

Now consider 2 Timothy 4:14-22 and particularly this verse immediately below.

²² The Lord Jesus Christ be with thy spirit. Grace be with you. Amen. 2 Timothy 4:22 (KJV)

(The oldest manuscripts there is no punctuation at all. The "period" after "spirit" was also added by the translators.)

Note above that only in the Kings James Bible were the translators honorable enough to italicize the two words "be" to indicate that they had been inserted the translators. This seemingly small change misleads people to an incorrect or incomplete understanding that misses the point of Paul's salutation - that Christ is the grace of God.

Consider the context of verse 22; in verse 16 Paul told Timothy that "no man stood with me," then in v17 Paul says "The Lord Stood With Me and Strengthened me" Paul was connecting two facts that Timothy could also "Stand" upon as a word of encouragement, which is this; (I paraphrase) - Since The Lord Jesus Christ Is With Thy Spirit, then Grace Is Simultaneously With You!

Christ Himself indwelling the believer is the "all-sufficient grace of God" that is able to strengthen us, working in and through us, as He did in and through Paul.

In Acts 20:24 Paul spoke these stirring words in the face of persecution and death.

"But none of these things move me, neither count I (Paul) my life dear unto myself, so that I might finish my course with joy, and THE MINISTRY WHICH I (Paul) HAVE RECEIVED OF THE LORD JESUS, TO TESTIFY THE GOSPEL OF THE GRACE OF GOD."

The “gospel” or “good news” of "the Gospel of the Grace of God" (Act 20:24) was the dispensation committed to Paul by the risen, ascended Lord, for us today. This is always Paul’s message. We should joy in the thought of these and every one of the 91 grace verses in Paul 13 epistles.

"Where sin abounded GRACE did much more abound…

• the forgiveness of sins, according to the riches of His GRACE…
• justified freely by His GRACE, through the redemption that is in Christ Jesus…
• by GRACE are ye saved, through faith (alone)" (Rom.5:20; Eph.1:7; Rom.3:24; Eph. 2:8,9).