Priests lose appeal over deep dive into pension fund
Detroit — The men who preach from the holy book want a closer look at the financial books.
Three priests lost an appeal this week in an effort to get more details about a pension fund at the Catholic Archdiocese of Detroit.
They wanted a Wayne County judge to order an accounting of the fund for priests. They’re concerned that it might not be healthy enough to pay benefits when they retire. But Judge John Gillis Jr. ruled in favor of the Archdiocese.
The Michigan appeals court agreed, saying the priests have no right to intervene in management of the pension fund. The court noted that the priests at least got access to years of financial data because of the lawsuit.
The fund relies on investment returns and money from parishes.