hot investment tip
By Diogenes (articles ) | December 21, 2005 1:10 PM
In the Boston archdiocese, once again this year, the collection at Christmas Mass will be designated for the priests' retirement fund. A typical parish-bulletin announcement reads:
We encourage you to give generously to this collection, due to the financial difficulties involved in providing for the care of priests, as rising health-care costs and less-than-expected investment returns have increased the levels needed for funding.
Rising health-care costs, yes; we've all felt that pinch.
But if the investment returns on the retirement fund have been disappointing, there is a pretty obvious explanation. If you don't make any investment, you shouldn't expect any return. Go ahead: ask your stockbroker. He'll agree with me.
Anyway, this year the collection really will go into the pension fund. Or so we're told.
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Posted by: -
Dec. 21, 2005 5:43 PM ET USA
We have a similar collection here in RogerWorld. As soon as we started this, giant red flags went up. Wait a second, pension funds must be held in trust, fully funded and vested. Why do we need to contribute? Health care costs have nothing to do with it..... very few employers (outside the trough feeders in the public sector) offer supplementary health care to medicare recipients. Makes you want to ask WheresthemoneyRoger? Somebody is playing patty fingers in the pension fund.
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Posted by: -
Dec. 21, 2005 2:37 PM ET USA
I know this is off-point, but I wouldn't be so quick to dismiss the claim of rising health-care costs (as the result of a nation-wide economic trend). In light of the priestly sex abuse scandal, does the acronym HIV strike a chord here? As for the real destination of the money collected this year: Fool me once, shame on you. Fool me twice, shame on me.
