RANT!

Time for a rant. This won’t be of interest to most people, but it’s bugging me.

First, I want to make it clear that I am doing well financially, better than 99.99% of the world’s population. I work for a church, and am satisfied with my salary and benefits. I hope to retire in a few years, although I have had to put off the anticipated date twice. All the clergy in our denomination participate in 403(b) pension programs which means our pension is tied to investments in the stock and bond markets. Of course that means all of us took a big hit in 2008. That’s life. You take the downs with the ups.

My concern is with those who are already retired, clergy, other church employees, and their spouses. Many of the retired clergy annuitized their pension accumulation when they retired. Most assumed (wrongly) that they had a guaranteed income throughout their retirement. Indeed, the information about the annuity was that there was an extremely low possibility of short term loss. 2008 proved to be that “extremely low” possibility. The retirees have been informed that their pension will be reduced 9% each year for the next three years. That’s their reward for faithful service. The head office sent out a sympathetic letter to retirees.

Recently a letter went out to retirees of our publishing house. They are under a different pension plan. They have been informed that they will receive no pension at all after March. Sorry, but there isn’t enough money to pay the pension. The head office made it clear it has no legal obligations for the publishing house pensions.

My discomfort is two-fold. First, I am aware that other denominations have not had this disaster befall their pensions. How did we get such bad financial advice? Second, I have yet to hear one word from the head office about what they are going to do to help the people who will wind up in a terrible financial bind as a result of these pension disasters. Now my congregation will be taking a special offering to help provide minimum pensions for some of the church employee retirees, but I am unaware of any concerted effort to do anything. The silence is deafening.

My denomination is very good at issuing all sorts of proclamations about issues of justice, but when it comes to dealing fairly with its own people, that seems to be another story. I thought we were supposed to lead by example. I must have gotten that wrong. “Do as I say, not as I do,” seems to be the message.

And we wonder why people don’t trust institutionalized religion.

Here endeth the rant for the day.

May the Lord bless you on your journey and greet you on your arrival.

Wayne



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