Augsburg Fortress, the Minneapolis-based publishing arm of the Evangelical Lutheran Church in America, has unilaterally ended its employee retirement plan. Publishers Weekly reports, "At the end of 2009, retirement obligations totaled $24.2 million. Assets totaled $8.6 million."
In a recent blog posting Beth A. Lewis, President & CEO, said, "This was a very difficult decision.... There were no good choices."
Lewis' blog item is here. PW's article is here.--David E