African Methodist Clergy Finalize $60 Million in Pension Deals

African Methodist Episcopal Church pastors who sued over steep losses in their retirement plan received final court approval for two class settlements worth a combined $60 million.

The deals require third-party plan administrator Newport Group Inc. to pay $40 million while the church and related entities pay $20 million and agree to transfer certain plan assets to a qualified trust governed by federal pension law. More than 4,400 pastors and church employees are expected to benefit under the agreements, which together represent about 69% of the losses allegedly suffered by the pension plan.

Judge S. Thomas Anderson, who previously ...