The Daughters of St. Paul are very meek, so this is big news here in Boston.
During December 2010, a Complaint for Equitable Relief and an Accounting was brought against the Plan’s Trustees by the Daughters of St. Paul, a participating entity in the Plan. The entity is seeking a transfer of the assets and liabilities allocable to it relative to its current and former employees who have been participants in the Plan. Prior to agreement to the transfer of assets and assumption of liabilities by a new plan to be created by the participating entity, the Trustees of the Plan have sought assurances from the participating entity that will provide sufficient protection of pension plan benefits to the respective participants. It is the Trustees’ estimate that the nature of the legal action, which primarily seeks equitable action as opposed to monetary damages, will not materially and adversely impact the Plan. The Trustees hope to engage in discussions promptly to try to reach closure regarding the transfer of the pension plan assets of the Trust to the Daughters of St. Paul, on conditions, at a value, and with accounting and actuarial information satisfactory to both parties.
Sources indicate to us that the Daughters tried to solve this problem by meeting with various archdiocesan officials, but the archdiocese was uncooperative and confrontational in the negotiations.
The meek and humble capuchin show knows just how to keep its distance from the robberies in progress.
There's a lot of subterfuge about the coercion going on by Archdiocescan officials upon diocesan employees to take pennies on the dollar on their pension. It's a very hot-button issue, so stay tuned to BCI for what has the potential to be the overturning of the moneychangers tables at 66 Brooks Drive.