Mon December 13, 2010
Boston Archdiocese to freeze pension plan
By THE ASSOCIATED PRESS
BOSTON – The Roman Catholic Archdiocese of Boston says it will freeze pensions for about 10,000 church secretaries, parochial school teachers and other lay employees.
The archdiocese, which has been struggling with financial problems, says the recent financial meltdown badly hurt its pension fund.
Retirees' pensions will not be affected under the change, but workers who are already vested or become vested would see their benefits freeze on Dec. 31, 2011. They would be offered an alternative plan similar to a 401(k) investment plan.
Many dioceses are making that transition, including Brooklyn, N.Y., Detroit, Dallas, and Phoenix.
Some beneficiaries say they are unhappy with the change and made salary sacrifices to work for the church.
Information from: The Boston Globe, http://www.boston.com/globe
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