"A new lawsuit accuses those running the pension plan for Catholic school teachers in Puerto Rico's capital city of mismanaging the plan to the point of insolvency and then retroactively claiming an exemption from federal worker protections ... According to the lawsuit, the plan's administrators told participants for years that the plan was funded and federally insured in compliance with [ERISA]. The participants allege that they were informed earlier this year that the insolvent plan was an ERISA-exempt 'church plan' and that it would be terminating, with the plan's remaining assets largely reserved for those participants who were already receiving pensions."

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