*The AME Church has halted making payments to retired ministers on its pension plan after it unearthed possible payment irregularities. The denomination is one of the largest Black Protestant churches, having as many as 2.5 million members, according to a Wall Street Journal report. According to the same report, the church had approximately $120 million in retirement assets in 2017.
The church has released a press release stating that an independent investigation agency is handling the case. It’s also working with law enforcement to investigate a possible crime.
“The AME Church takes this crime severely,” read the release. “We’re additionally dedicated to creating each fund participant complete by restoring their full funding plus curiosity.”
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The church has not revealed how much money is in question, but the funds include contributions from at least 5000 church workers, including bishops and ministers.
According to the Pension Rights Center, church pensions are exempt from federal regulation laws and are not covered by federal insurance.
In December, concerned church leaders stated that problems had been discovered in the pension fund during a leadership transition in the retirement services department.
“Out of an abundance of caution, we immediately engaged outside legal counsel and forensics experts to conduct an independent and comprehensive investigation into holdings managed by the Department of Retirement Services,” the leaders explained to the Journal-Constitution.
Perhaps as a sign of things to come, Bishop Jeffrey N. Leath of the AME’s 13th Episcopal District in Tennessee in February wrote in his blog that the church’s pension was “overvalued by as much as 70%.”
“The fix will be large, painful, and not loved by anyone. Let’s gird up our loins and DO IT,” he added. However, Leath is yet to speak out about the recent halting of retirement benefits. The AME’s Department of Retirement Services, based in Memphis, has also not commented on the matter yet.
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