Reorganized Del. Diocese To Fund $64M Laity Pension Plan

Law360, New York (May 11, 2012, 3:04 PM EDT) -- The reorganized Catholic Diocese of Wilmington received approval from a Delaware bankruptcy judge Wednesday for a contract solidifying the diocese's commitment to fully fund its lay employees' $64 million pension plan.

U.S. Bankruptcy Judge Christopher S. Sontchi signed off on the reaffirmation agreement, which formalizes a settlement between the Delaware diocese and its lay employees — largely workers at the diocese’s Catholic schools — and sets a schedule for its contributions to their pension trust.

The reaffirmation “constitutes a binding agreement under applicable nonbankruptcy law,” according...
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