A news report on Delawareonline says that under the agreement, the diocese will add $10 million to the $10 million Lay Employee Pension Trust by the end of this year. At least $10 million more would be added in 2016-17, with at least another $2 million added each year until full funding is reached in 2060.
The agreement includes further protections, establishing a Lay Pension Plan Advisory Committee to monitor the pension fund and requiring the diocese to set aside a fully secured $15 million note, payable if the pension fund falls short again, according to the news report.
In a prepared statement, Bishop W. Francis Malooly said: “The additional funding and other steps we have agreed to take will secure the lay pension plan, ensuring the retirement benefits our employees have earned.”