Law shields churches, leaves pensions unprotected
Pension shortfalls at some religiously affiliated hospitals, businesses and social service agencies are raising new alarms and spotlighting a largely overlooked gap in the law protecting Americans’ retirement benefits.
Saint Peter’s retirees concerned with IRS ruling on pensions
Saint Peter’s University Hospital employees and retirees recently were notified that the Internal Revenue Service had issued a private letter ruling saying that their pension plan is a “church plan.”
IRS says St. Peter’s Heathcare System is a ‘church plan’
Employees and retirees of New Jersey’s St. Peter’s Healthcare System have received notice from the IRS informing them their pension plan was now considered a “church plan.”
IRS grants church-plan status to St. Peter’s Healthcare System
The IRS has granted church-plan status to the defined benefit pension plan of Saint Peter’s Healthcare System, New Brunswick, N.J., exempting it from Employee Retirement Income Security Act rules on reporting, minimum contributions and paying premiums to the Pension Benefit Guaranty Corp.