Article August 10, 1998 Issue

Church creates new Pension Trust

The Christian Science Monitor

The First Church of Christ, Scientist, announced it has fully repaid a loan from its pension fund that was used to cover the cost of closing The Christian Science Monitor's television activities.

The Church also announced it has established a separate legal entity, The Mother Church Pension and Benefits Trust, and made an irrevocable donation to the trust to fund pension benefits for its employees. Three trustees will hold the funds on behalf of participants in the Church's pension plan.

The amount and schedule of current pension payments are not affected by the recent moves.

Under the terms of the trust, its assets cannot be used or borrowed to fund other church activities or programs.

Excerpted from The Christian Science Monitor (July 15, 1998)

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