Churches assess impact of financial crisis

Pension funds said to be secure
During what some call the start of a recession, mainline church officials are assuring pastors and retirees that their pension funds are secure. But the officials are concerned about how the economic woes will affect their operating budgets and ministries.

To United Methodists making inquiries about their pension benefits, Barbara A. Boigegrain, general secretary of the UMC’s General Board of Pension and Health Benefits, wrote a mid-October letter of assurance.

Though some investors may “abandon time-tested investment strategies” as the stock market plunges, Boigegrain wrote, “we continue to be confident that our investment practices are sound and your retirement plans are being well managed.”

The UMC pension fund ranks among the top 100 pension funds in the U.S., according to Crain’s Pensions & Investments.


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