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Philadelphia Archdiocese freezes educators’ pension plan

by on
in Employee Benefits Program,Human Resources

The Philadelphia Catholic Arch­­diocese has frozen a defined-benefit pension plan for its 8,500 parochial school teachers and support staff. The move comes as the archdiocese wrestles with a $150 million pension deficit.

The freeze means current participants will accrue no additional benefits. Those workers will be moved to defined-contribution plans to supplement retirement.

Without the weight of those accruing benefits, the archdiocese hopes to close the deficit over time by continuing to contribute 4.5% of each employee’s paycheck. Before the freeze, the archdiocese contributed 7.5% of payroll. Had the pension continued to pay the same benefits, even a 10% contribution would have left the plan with a $100 million shortfall in 30 years, according to the archdiocese’s chief financial officer.

The pension freeze is the latest move to put the archdiocese on firmer financial footing. The sale of the cardinal’s official residence brought in approximately $10 million. Recently, the archdiocese announced a deal to lease its cemeteries for $89 million over 35 years. It is also considering selling some retirement homes and senior assisted-living properties.

{ 2 comments… read them below or add one }

Michael Skiendzielewski March 9, 2014 at 5:50 pm

It’s a shame that this is a public forum because I would like to express my innermost feelings and sentiment after viewing the front page of the Inquirer today. In the picture, as Mayor Nutter is at the podium, Governor Corbett and Archbishop Chaput are smiling and laughing. What have you done, Thomas and what have you done, Charles to reach out, ensure justice and show compassion for all of those past victims of criminal sexual abuse by certain clergy not only here in the Philadelphia archdiocese but across the state in all environments, whether they be public or private, religious or secular?

Why, tell us all why, do you Thomas and you Charles stand in the way of the important, valuable, life-protecting, and rights-enabling legislative proposals languishing in the Harrisburg legislature while many victims and their families STATEWIDE suffer day in and day out from the ravages, torment, despair, and hopelessness from sexual abuse perpetrated on them many years ago?

What are you going to do THOMAS and what are you going to do CHARLES to ensure that the children of the Commonwealth in the future are provided better protection, more fuller access to the courts, both civilly and criminally, when they become sexual abuse victims and when they are finally able to come forward during a life of torment to name their accusers and file charges?

Where is your leadership, CHARLES? Where is your leadership, THOMAS? The abused children, now adults, are right there in front of you…….do not turn away, you can see them if you CHOOSE to see them. Look at what they have endured; look at what they endure NOW and what their families have endured throughout a lifetime.

CHARLES, THOMAS……stop thinking about institutions, organizations, leaders, lobbyists, supporters, and all of the rest…….think of the CHILDREN, only the CHILDREN. Those who have suffered great harm and ignominy and those in the future who will be victims of such evil and criminal conduct and behavior. They are ENTITLED to better protection, better laws, fuller access to the legal system, WHEN they are able to face the demons that have been with them since their childhood sexual abuse and finally speak out against their abusers.

These efforts by the victims, their families and advocates across the state are to do whatever is possible to PROTECT OUR CHILDREN. These efforts are for ALL of the children throughout the Commonwealth of Pennsylvania.

Finally, since this is a primarily Catholic forum and audience, though these principals, values and concerns involve all people, regardless of religious affiliation, race, ethnicity, social status, etc., what are you going to do THOMAS and what are you going to do CHARLES as adults in the Roman Catholic faith to help and protect all of our children. Yes, indeed, all you need to ask is the phrase that rings all too familiar and true and is an ideal grounded in the Catholic tradition and theology………………WHAT WOULD JESUS DO?

Michael Skiendzielewski
Captain (retired)
Philadelphia Police Dept.

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Isabel Sinton March 9, 2014 at 4:08 pm

From the Inquirer march 7, 2014
With 18 months to go before Philadelphia hosts the Vatican’s World Meeting of Families, Archbishop Charles J. Chaput is expected to announce Friday that he will soon meet with Pope Francis to discuss what promises to be an enormous international gathering.

AND WHO WILL PAY FOR THIS?
Does Chaput think Catholics are incapable of putting 2 and 2 together?
Read more at http://www.philly.com/philly/news/20140307_Chaput__Nutter__Corbett_to_meet_with_pope.html#vKfeeq6Hh9vZ017b.99

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