Milwaukee archdiocese discloses shortage in pension funds
CWN - October 26, 2011
In bankruptcy-court filings, the Archdiocese of Milwaukee has disclosed that its pension funds for priests and lay employees are underfunded.
Archdiocesan officials said that the shortage of pension funds can be attributed to recent declines in the stock market, and said that the problem is “no current cause for concern to employees.” But the size of the shortfall could cause difficulties for the archdiocese.
The Milwaukee archdiocese has filed for bankruptcy protection because of the prospect of enormous payments to sex-abuse victims.
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