LETTER TO THE EDITOR

Diocese not to blame for pension problems

Posted:

TO THE EDITOR:

I’m no pension expert here, and I certainly feel badly for St. Joseph Health Services employees and pensioners, but I question the quickness to blame Bishop Thomas Tobin and Father Tim Reilly. Having a serious gap between pension expectations and what has been set aside to pay pensioners is a rather widespread problem from states and municipalities to private companies. It is hardly unique to the Church.

I nominate increased pensioner longevity, low bond yields, slow economic growth and over-optimistic (wishful thinking) assumptions and/or inadequate revenues giving way to insufficient contributions as possible factors contributing to pension funding gaps. I look to the Bishop and priests for theological insight, but they are not the first that I would look to for pension management expertise nor for someone to blame for pension funding gaps.

William P. McKenna, Cranston