AARP Foundation reposted this
Last week, the African Methodist Episcopal church announced a settlement agreement in a class action lawsuit our legal team joined in 2022 on behalf of more than 5,000 employees and clergy members who lost their retirement savings because of gross financial mishandling. The agreement, pending court approval, provides immediate restoration of some funds and creates a pathway to restore the rest. Church pension plans fall outside federal regulations that protect against fraud or mismanagement. This case puts all employers on notice that they have legal and fiduciary obligations to their employees.