New Ulm Diocese holds workshops on teacher retirement changes
Updated
Updated · NUjournal · May 2
New Ulm Diocese holds workshops on teacher retirement changes
7 articles · Updated · NUjournal · May 2
At a Church of St. Mary's meeting, Bishop Chad Zielinski and Arthur J. Gallagher said retiree payments should continue, with CBERP assets due to transfer in June and a new plan starting July 1.
The diocese left the Christian Brothers plan after learning it was significantly underfunded; staying would have required more than $2 million a year for 25 years.
The shortfall mainly affects Catholic school teachers. Officials said lawsuits were unlikely to recover much because the church plan is outside federal pension law, while retirees may later choose lump sums or monthly payments.
After a fund's 'reckless investments' cost millions, can a local diocese truly safeguard its retirees' futures by going it alone?
Why does a legal loophole exempt massive church pension plans from federal laws that protect millions of other American workers?