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Louie Crew
377 S. Harrison Street, 12D
East Orange, NJ 07018

Phone: 973-395-1068 h


lcrew@andromeda.rutgers.edu

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Louie & Ernest Clay-Crew
Married February 2, 1974


12/21/1974
 
8/17/2006



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Pensions and the late unpleasantness



Bishop **** is  not protecting his pension.   Priests are fully vested in the
Church Pension Fund after 30 years of service and may then retire at full
benefits.  +**** ***********  was ordained a priest in June of 1968, 
39 years ago.

Even if one has worked less than 30 years, the pension belongs to the person
at its value when the person leaves TEC.   That's federal law.

Pensions are not a gift:  they are delayed salary.  We pay income tax on our
own contributions as we make them through the work years; we pay income tax
on the employer's contributions when we start to receive the pensions.  The
employer contributes without any power to control our future attitudes.  It
would be grossly unfair to have it otherwise.

It is also unfair to suggest that pensions control the decisions that
persons make about staying or leaving.  The only way pensions are a factor
are for people who have not been in the system long enough to build up much
of a pension; but presumably they will move to another pension fund when
they leave.

Pensions at the Church Pension Fund are what is called a "defined benefit."
One does not have an account as one would with a "defined contribution."
The managers of the Fund make a calculation for you at the time that you
retire. It takes 5 years to be vested.

If anyone leaves, if vested you get your pension frozen at its value on
that date, whereas pensions of those within the fund continue to grow (or
decrease) until fixed at retirement.  In other pensions (such as mine with
TIAA/CREF) the value continues to grow until your retirement, even if you
leave the fund before retirement.

There are many other complexities, but the principle is that the pension
belongs to the pensioners and cannot be cut off as a penalty by previous
employers.

Louie

Louie Crew, 377 S. Harrison St., 12d, East Orange, NJ 07018.  973-395-1068
http://andromeda.rutgers.edu/~lcrew


-----Original Message-----
From: Lightspeed [mailto:INTEGRITY-L@LISTSERV.AMERICAN.EDU]On Behalf Of
Gordon Broom FLORIDA
Sent: Tuesday, October 02, 2007 7:53 PM
To: INTEGRITY-L@LISTSERV.AMERICAN.EDU
Subject: Re: [LS] Howe speaks



Wow! He certainly decided to protect his pension.

G******


In a message dated 10/2/2007 2:30:08 P.M. Eastern Daylight Time,
challwood@OPTONLINE.NET writes:

Wow!  Talk about leading people to the Kool-Aid and not letting them  drink!

P******







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