Memo from OCA Pension Board Temporary Administrator
The following memo was released by the OCA Pension Board Temporary Administrator on November 9, 2007:
Notice to all Pension Plan Participants - Active and Retirees
November 9, 2007
As temporary administrator of the Pension Plan I have received numerous inquiries and several expressions of concern about a posting on an Internet site, earlier this week, by one of our retired clergy, in which he claimed his July pension check was returned by his bank for insufficient funds, that is, he claimed the check bounced and that therefore there must be a problem with Pension funds. This pension recipient wanted to know about others who might also be having a problem with their pension checks.
The facts of the matter are as follows:
- This priest’s July pension check, #5563, dated July 20, 2007, was sent, with all the other July checks.
- On July 27 this priest contacted the Pension Office saying that he had shredded the check in error.
- On July 27, the same day, the Pension Office stopped payment on check #5563 and issued a new check- #5564, as a replacement.
- On August 1, 2007, the replacement check, #5564, cleared the Pension account and the retiree had his July pension benefit.
- This priest received his entitled July benefit and has been trying to deposit the stopped check with no success.
- The priest in question made no attempt to contact the Pension Office about the stopped check before posting his grievance on the Internet.
- This priest is trying to collect the same benefit twice.
- At present the Pension Board is considering this a simple error and not and attempt at fraud.
Pension funds are sound and intact. Present Pension holdings exceed 27.5 million dollars. Pension accounts are audited by an independent auditing firm annually and have received a clean and unrestricted audit report every year. We also have interim audits in preparation for every quarterly Board meeting. Everyone who should be receiving a benefit is receiving one, and on time. The Pension Fund has never bounced a check. The Internet posting was careless and irresponsible nonsense.
Please feel free to share this information with anyone who may express concern about this matter.
Father Michael Westerberg
Pension Board Group Leader and
Temporary Administrator