Benefits December 21, 2010
Boston Archdiocese Moving to 403(b) Plan
December 21, 2010 (PLANSPONSOR.com) - The Roman Catholic Archdiocese of Boston says it will freeze pensions for about 10,000 church secretaries, parochial school teachers and other lay employees.
Reported by PLANSPONSOR staff
Workers benefits in the defined benefit plan will be frozen as of December 31, 2011, and they will be offered a 403(b) plan, the Boston Globe reports. The archdiocese, which has been struggling with financial problems, says the recent financial meltdown badly hurt its pension fund.
The news report said many dioceses are making the same transition, including Brooklyn, New York, Detroit, Dallas, and Phoenix.