The case is similar to other cases that have been filed on the federal level challenging a pension’s “church plan” status, but this complaint alleges that the actions taken by the Archdiocese violate New Jersey contract and trust law.
Tag: church retirement plans
(b)lines Ask the Experts – Can a Church Terminate a SIMPLE IRA and Establish a 403(b) in the Same Year?
An informal position taken by the IRS is indicated by it excluding mention of non-qualified church-controlled organizations (non-QCCOs) from the ability to rely on pre-approved plans.
Earlier this year, a judge ordered the archdiocese to pay $4.7 million to both retired and active teachers, but the archdiocese says it no longer has any money.
General Treasurer Seth Magaziner announced that he will seek legislation in the 2019 General Assembly session that would require pension plans managed by religious organizations in Rhode Island to send regular updates on the financial health of the pensions to their plan participants.
The plan was frozen in 2007 and replaced with a 403(b) plan.