Oh no! How terrible of those greedy Jewish groups! This is an outrage!
Of course, if you read the article, the truth comes out (emphasis added by me):
"Seeking to cut pension costs, Jewish social service groups are using an obscure tax loophole to skirt federal rules that protect workers from being left out in the cold if their retirement plans collapse.So what have these organizations actually done? File for a special "church" status. That's it. And if you read the article to the end, the writer admits the following:
Jewish organizations, including federations and hospitals, have filed for the special “church status” that strips workers and retirees of legal protections and allows groups to drop insurance that would cover shortfalls in their pension plans."
"Among the Jewish groups that have already won the special status are the federations of Philadelphia, Detroit, Cleveland and Baltimore. Old-age homes and hospitals in Connecticut and in Baltimore, as well as the American Jewish Joint Distribution Committee, have also qualified....
In another case, the Roman Catholic Diocese of Wilmington, Del., went bankrupt, leaving behind an underfunded pension plan. Since it was a church plan, participants did not have access to information about the dire situation of their retirement program.
So far, there are no similar horror stories at Jewish federations or other groups that obtained the special status. The JDC insisted that it applied for the status to free up cash for programs because its pension was significantly overfunded.To sum up: a bunch of Jewish groups have already have this status and they have not abused it the way some church groups have. More groups have filed for the status, but have not gotten it yet and have also not abused it. To sum up further: the headline is completely wrong/misleading.
“The plan was fully funded under (government) rules and remains fully funded today under the same rules,” JDC spokesman Michael Geller said.
An official with the Associated Jewish Federation of Baltimore said the question of its church plan status is no longer relevant since the federation closed its pension plan and switched to a 401(k) program several years ago."
But hey, what's the point of accurately depicting the story if lying about it earns the HP comments like these:
Thank you, Huffington Post. Thank you so very, very much.