The Word Saved

“The words ‘saved’ and ‘called’ are Greek aorist participles. Therefore, they can literally be translated ‘having saved’ and ‘having called.’ Paul was referring to past acts of God—God was not then saving and calling Paul and Timothy. The word ‘saved’ does not always have a spiritual meaning in Greek, just as it does not always have a spiritual meaning in English. The context must tell what one is being saved from. Here it does have the spiritual meaning, for Paul is talking about salvation from condemnation.”
“John 3:17 uses the word ‘saved’ in a spiritual sense: ‘For God sent not his Son into the world to condemn the world; but that the world through him might be saved.’ It is apparent from the first phrase of verse 18 that this word refers to being saved from condemnation: ‘He that believeth on him is not condemned.”

(Harold J. Berry, Gems from the Original: Studies in II Timothy, Vol. II, Lincoln, Nebraska: Back to the Bible Publication, 1975, 26-27)