Wednesday, June 5, 2013

Episcopal Church Holding Retirement Accounts 'Hostage,' Breakaway Diocese Alleges

From Christian Post-

A diocese that recently voted to break away from The Episcopal Church has alleged that the denomination is "holding hostage" the retirement accounts of over 80 lay employees.

The Diocese of South Carolina alleged that The Episcopal Church's insurance entity, the Church Pension Group, is refusing to allow lay employees to roll over their 403B plans. The Rev. Canon Jim Lewis, spokesman for the Diocese, explained to The Christian Post, "Similar to a 401K, a 403B is a tax-advantaged retirement account available for employees of non-profits or educational institutions.
"There are currently over 80 lay employees of the diocese and our parishes whose retirement savings are held in a 403B account controlled by the Church Pension Group. The Episcopal Church is not allowing these employees to roll their funds over to another qualified plan of their choosing."

The South Carolina Diocese also provided The Christian Post with an email "paper trail," showing the correspondence between the Church Pension Group and the diocese.

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