As you are well aware, 2008 and 2009 were unusual years in terms of the state of the financial markets and the impact on the economy. In recent months, however, we have been heartened to see signs of recovery. Nonetheless, there are still stories of pension fund problems around the country, most recently that of the closing of Augsburg Fortress's defined benefit plan.
For this reason, I wanted to reassure you that the Church Pension Fund remains financially sound. Pension benefits under the Clergy Pension Plan and the Lay Employees' Defined Benefit Plan remain secure.
—T. Dennis Sullivan, President and CEO