Nuns sue archbishop for right to ditch pension fund

clock

A group of nuns are suing the Boston Archdiocese and their cardinal and have demanded $1.4m out of their pension pot.

The Daughters of St Paul have filed a lawsuit at the Massachusetts Supreme Judicial Court demanding the right to withdraw the funds they invested in a church-run pension fund on behalf of their staff. They run Catholic publishing house Pauline, which employs around 100 lay staff. The nuns want to withdraw the $1.4m investment they made on behalf of their lay employees from the pension fund, which is now heavily underfunded. They have been trying to leave the fund and create their own since 2005. The Daughters want the court to rule they were never legitimately part of the pension f...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Scotland Investment Roadshow 2024: Last chance to join PA in Edinburgh and Glasgow

Scotland Investment Roadshow 2024: Last chance to join PA in Edinburgh and Glasgow

The Scotland Investment Roadshow kicks off next week

Professional Adviser
clock 18 September 2024 • 2 min read

Building Society-owned Newcastle Financial Advisers acquires Openwork firm

First of a number of acquisitions

Hannah Godfrey
clock 09 December 2019 • 1 min read

Bond managers fear hedges being undermined as liquidity dries up

The recent sell off in the bond market and growing liquidity issues have forced bond investors to use similar hedging techniques, undermining their effectiveness and causing concerns about how much downside protection funds really have.

Anna Fedorova
clock 03 July 2013 •