Religious denominations have long provided retired clergy and staff with secure pension payments””more secure, in some cases, than corporate retirement plans.
But some recent bumps have drawn attention to the vulnerabilities of so-called “church plans,” which are exempt from federal regulations aimed at safeguarding retirement funds for private-sector retirees.
As cash-strapped states and private companies revamp, freeze or end their pension programs altogether, participants in church plans are now realizing how church plans can be riskier than they appear, observers say.
“As a group, employees in so-called church plans are far more at risk than other private sector employees,” said Karen Ferguson, director of the Pension Rights Center, a Washington-based watchdog group.
I see the Church Pension Fund is well funded. I am still out or luck because I have less than five years clergy employment where the church made contributions (more than half of my ordained service has been in positions where the church made no contribution to the pension plan). FWIW, the $30K that has been credited to me will now go into the pot to pay pensions for apostates, heretics, the hear no evil, see no evil folks, and you loyal opposition priests.
While I hope the Catholics will have some provision for retirement besides the annual appeal for retired priests and religious, I know it will not be as financially generous to me as TEC will be to my seminary classmates when we hit 65, 70 or 75. No, I’m not angry or resentful about no pension from a total of 20 years working for TEC institutions and churches. Well, nothing that can’t be salved by saying “hasta la vista” to TEC and CPF and then working everyday of my life in a church that tries to be faithful to Christ.
All you loyal opposition and little stone bridges folks– enjoy your small share of my non-vested contributions. Cheers!
Call me “Counting Down to Church Reunion” formerly known as “Loyal Opposition”