Financial worries hit Episcopal Church, but pensions are secure

Thursday, 23rd October 2008
By George Conger

The pension benefits of the American Church’s clergy are fully secure, the president of the Church Pension Fund (CPF) said in an Oct 2 letter to Episcopal clergy receiving benefits, but the downturn in the stock market along with declining membership rolls has begun to impact the finances of a number of American dioceses.

The CPF’s “financial condition remains very strong, with assets well in excess of liabilities," T Dennis Sullivan stated. While the value of the fund’s investments will be adversely impacted by the turmoil in the world’s stock markets, “the Clergy Pension Plan maintains substantial reserves, and the recent volatility does not begin to call into question the soundness of the fund.

The pension benefits of the Clergy Pension Plan are fully secure."As of the end of its fiscal year in March, the CPG had £5.13 billion in assets to fund an anticipated £2.9 billion in pension liabilities...

... In an Oct 15 letter to his diocese, the Rt Rev Gladstone Adams of Central New York stated that in developing a budget for 2009, “it became clear that the financial realities of today's economy are creating challenges for our congregations in terms of assessment and investment revenue.” To make ends meet, the diocese was making redundant its diocesan youth minister, director of Christian formation, and property and benefits administrator...

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