La Crosse, Wis., Mar 7, 2018 / 17:08 pm
The Diocese of La Crosse has announced that it will end its pension plan for lay employees, but it hopes to preserve almost all the value of promised benefits for hundreds of present and past workers.
"The diocese acknowledges its commitment to its employees and is best delivering on its obligations to all those who have served in its parishes and schools," the Wisconsin diocese said in a March 7 statement. "At all times the difficult decision was driven by the diocese's desire to protect as best it can the assets of each of the participating members."
The diocese said it anticipates that the plan's termination payouts will be "in the mid-90 percent range of the plan's total actuarially equivalent value of benefits."
The beneficiaries of the pension plan included Catholic school teachers, custodians, secretaries, rectory workers and other lay employees in the diocese, which covers 19 counties in west-central Wisconsin, the Leader-Telegram newspaper reports.