(Island Packet) South Carolina Episcopal diocese alleges retirement savings held hostage

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.

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Posted in * Anglican - Episcopal, * Culture-Watch, * Economics, Politics, Economy, Episcopal Church (TEC), Ethics / Moral Theology, Law & Legal Issues, Pastoral Theology, Pensions, Personal Finance, TEC Conflicts, TEC Conflicts: South Carolina, Theology

4 comments on “(Island Packet) South Carolina Episcopal diocese alleges retirement savings held hostage

  1. Milton Finch says:

    The mantra, “people can leave but churches can’t” needs to be changed to “people can leave but we still want your money.” Darn those federal laws!

  2. A Senior Priest says:

    Why, for heaven’s sake, would ANYONE want to leave what is among the best managed and most overfunded pension funds on earth? I know Bishops in the ACNA who are in the Church Pension Fund and gladly pay their 18%.

  3. TomRightmyer says:

    I’d be grateful for a reference to the part of the CPF rules that permits clergy who have been removed from the Episcopal Church to continue to pay Pension Fund Assessments.

  4. dwstroudmd+ says:

    Or the one that permits them to hold funds hostage. Either reference will do.