Monday, March 14, 2011

Eyewitness Account of the Pension Circus Under the Big Tent

As most readers hopefully know by now, meetings are being held by the Archdiocese of Boston on the topic of employee pension.

Boston Catholic Insider has the eyewitness account on the circus under the Big Tent.

I've said it before and I'll say it again: The Cardinal has a duty to pay his employees their pension before he donates millions of dollars to Jack Connor's pet project.

The Cardinal Archbishop and the people he has appointed are experts in two things:

1. Calibrating the message so that the deception is in what they don't tell you.

2. The Cardinal Archbishop makes sure he's only in town a few days out of the year so he can claim it was somebody else's fault if they are every caught red-handed.

They are scaring people into writing off the debt of the Cardinal Archbishop by taking a lump sum payment on their pension that is a percentage of what the archdiocese is bound to give them -- and as it turns out, they are guaranteed:

Of course there isn’t. Make sure that you don’t tell them that paragraph 19.3 of the trust agreement says “Each employer shall periodically make contributions which … are sufficient on an actuarial basis approved by the plan’s actuary to fund the costs of the plan arising with respect to the participants…”

Don’t tell them that your benefits are GUARANTEED BY NOT ONLY THIER EMPLOYER BUT ALL OF THE OTHER EMPLOYERS IN THE PLAN. They don’t need to know, and after all, it wasn’t likely the information they were seeking.

Speaking of things they don’t need to know, the largest employer, The Roman Catholic Archbishop of Boston holds real estate with a value we estimate is north of $1 Billion and has no material liabilities.

Very disturbing.


breathnach said...

"Social Justice" begins at home Cardinal!

Joseph D'Hippolito said...

breathnach, "social justice" is nothing but another rod to batter the laity into feeling guilty. It's that unnecessary guilt that keeps the laity servile to the clergy and hierarchy.