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The Magazine of The Evangelical Lutheran Church in America

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Pension disaster

Human story behind plan change

The Lutheran headline "Augsburg Fortress terminates defined benefit retirement plan" (February) was followed by a long explanation of a defined benefit plan and of a board decision to dump its plan. The action is reported as if the board of Augsburg Fortress, Publishers decided to increase the price of Bibles.

There is a human side to this story. There are 500 people affected by this decision, almost half of whom are now destitute — that's not an overstatement. More than 175 people are aging retirees who worked their entire careers at low salaries in what they believed was a ministry of the church.


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April issue

APRIL issue:

Faith traditions

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