Thursday, May 12, 2005
God hates Social Security privatization!
Although maybe God just hates the Boston archdiocese...(and who can blame Him?)
Boston's Catholic Archdiocese May Cut Priests' PensionsUnless they're United Airlines.
Seeking to save money, the Roman Catholic Archdiocese of Boston is proposing cuts in its pension benefits for priests.
The archdiocese says that its pension fund has had poor returns in recent years and has suffered from many of the same problems as corporate America's pension funds. Previously, however, officials have cited general financial strains stemming from the sexual abuse scandal and a resulting decline in contributions from churchgoers.
Companies that offer pensions are barred by federal law from reducing benefits that employees have earned.
But churches and other religious employers, like hospitals or schools, do not have to comply with the law and are generally free to handle their pension funds as they choose.Such as use the money to pay off your priests' victims.
In November 2004, Archbishop Sean P. O'Malley issued an open letter to all members of the archdiocese, warning them that "the financial situation of the archdiocese is much worse than most people realize." He added, "The pension plans for laity and clergy are in danger." The archbishop said at the time that the overall financial problems were not the direct result of settlement payments to victims of sexual abuse but resulted from a sharp falloff in contributions by churchgoers in the wake of the scandal.The archdiocese of Boston presumably has access to some of the finest financial advice available to anyone anywhere. And if they can't invest wisely, what makes John Tierney and Trent Duffy think you or I could do better?
Comments: Post a Comment