Church Pension Group issued a statement Tuesday saying it is trying to ensure that clergy and employees in parishes that have left The Episcopal Church have access to their funds, in accordance with federal laws.
“In doing so, we are following protocols required by the Internal Revenue Code to avoid any adverse consequences for the participants in the plans,” the statement said. “We expect to complete this process shortly. In the meantime, all funds remain invested in the options selected by these employees, and all accounts are fully viewable on (a) website.”
[Canon Jim] Lewis said he has consulted lawyers for the diocese and is unaware of any legal issues precluding employees from rolling over their plans. He believes that preventing employees from doing so could be illegal.