Financial worries hit Episcopal Church, but pensions are secure

http://www.religiousintelligence.co.uk/news/?NewsID=3130

[Religious Intelligence] 23 Oct 2008--The pension benefits of the American Church’s clergy are fully secure, the president of the Church Pension Fund (CPF) said in an Oct 2 letter to Episcopal clergy receiving benefits, but the downturn in the stock market along with declining membership rolls has begun to impact the finances of a number of American dioceses.

The CPF’s “financial condition remains very strong, with assets well in excess of liabilities," T Dennis Sullivan stated. While the value of the fund’s investments will be adversely impacted by the turmoil in the world’s stock markets, “the Clergy Pension Plan maintains substantial reserves, and the recent volatility does not begin to call into question the soundness of the fund. The pension benefits of the Clergy Pension Plan are fully secure."

As of the end of its fiscal year in March, the CPG had £5.13 billion in assets to fund an anticipated £2.9 billion in pension liabilities