The Roman Catholic Diocese of Fresno is dealing with a new set of financial troubles, one that’s unrelated to the sexual abuse claims that last year prompted it to file bankruptcy — and this time the problem directly impacts former and current church workers.
Bishop Joseph Brennan sent a letter last month to members of its retirement plan saying their pensions will be reduced because the benefit is “significantly underfunded,” along with those of tens of thousands of other enrollees around the country.
He noted that accrued benefits under the plan were frozen effective June 30, meaning that despite their continued contributions, active employees’ pensions have not risen in value since then.
At the heart of the issue is an estimated $800 million gap between assets held by the pension fund’s manager and the liabilities it faces. If U.S. dioceses don’t greatly increase their contributions to the benefit — and…
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