Christian Brothers Services Pension Plan
(This page will be updated as new information is available)
For over 40 years, the Diocese of New Ulm has been enrolled in the Christian Brothers Employee Retirement Plan (CBERP), which is managed by Christian Brothers Services in Romeoville, Illinois. Currently, the diocese has over 800 employees enrolled in the retirement plan, including active, vested, and retired employees.
In late July, the diocese was informed by Christian Brothers Services that the pension plan was “significantly underfunded.” To remain in the plan, the diocese would need to continue its employer contributions in addition to making substantial payments toward the unfunded liability. Christian Brothers Services is requiring the diocese to contribute over $2 million annually for the next 25 years—an amount that is not feasible for the diocese.
In response to these concerning developments, Bishop Chad W. Zielinski has called for the establishment of an ad hoc committee made up of key financial and educational team members to deliberate on the next steps regarding the retirement plan. In addition, the diocese has contracted with Arthur J. Gallagher & Co., which comprises actuaries, benefit consultants, investment managers, and legal advisors.
Bishop Zielinski expressed his deep concern and disappointment regarding the management of the retirement plan by Christian Brothers Services. He stated, “These dedicated individuals have devoted their lives to serving the Church.” Viewing the current situation as a critical issue of justice, the bishop emphasized, “We are committed to achieving the best possible resolution in this very serious matter.”
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