Passion Foyer is so dedicated to these rules that it has gone to the U.S. Supreme Court docket to problem a provision of the Reasonably priced Care Act that it says requires it to supply its workers with entry to insurance coverage masking contraception, some types of which it likens to abortion. .
So it's no surprise there was glee from some quarters Tuesday when Molly Redden of Mom Jones reported that the corporate's pension plan has $73 million in mutual funds with investments in firms that make abortion medicine.
A number of mutual funds in Passion Foyer's pension plan have stakes in firms that make particular medicine and units that the Inexperienced household, which owns Passion Foyer, is combating to keep away from Passion Foyer's well being care insurance policies: emergency contraceptive capsules Plan B and Ella, and copper and hormonal IUDs.
These firms embody Teva Pharmaceutical Industries, which makes Plan B and ParaGard, a copper IUD, and Actavis, which makes a generic model of Plan B and distributes Ella. Different mutual fund holdings chosen by Passion Foyer embody Pfizer, maker of Cytotec and Prostin E2, that are used to induce abortions; Bayer, which makes Skyla and Mirena hormonal IUDs; AstraZeneca, which has an Indian arm that makes Prostodin, Cerviprime and Partocin, three medicine generally utilized in abortions; and Forest Laboratories, which makes Cervidil, a drug used to induce abortions. A number of funds in Passion Foyer's pension plan additionally invested in Aetna and Humana, two medical health insurance firms that cowl surgical abortions, abortion medicine and emergency contraception in most of the well being care insurance policies they promote.
The pension plan comes with a “beneficiant firm match,” which was $3.8 million in 2012.
Investments in a majority of these firms are commonplace for a typical pension fund. However Passion Foyer stated it was something however typical.
Passion Foyer didn’t touch upon the Mom Jones story.
However loads of different individuals do.
“Wow,” stated the liberal DailyKos.
Yeah, that Passion Foyer. An organization that took their “deep-rooted” non secular objection to contraception all the way in which to the Supreme Court docket. An organization that thinks it permits its workers to get protection for sure varieties of contraception by its insurance policy — plans for which workers pay premiums — is tantamount to subsidizing immorality. The corporate that pulls the world's smallest violin when it significantly screams that Obamacare is “forcing them to interrupt the legislation or violate their perception that life begins at conception — which no firm ought to do.”
And right here was the headline on the Students and Rogues weblog:
Passion Foyer hypocrisy: 401k plan invests in contraception; The Obamacare aspect secretly income from the very immorality they publicly oppose.
The Supreme Court docket heard oral arguments within the case final week.
Passion Foyer says it’s dedicated to “honoring the Lord in all we do by working the corporate in a way in step with biblical rules” and “offering a return on the proprietor's funding, sharing the Lord's blessings with our workers,” based on the corporate's web site. place.
In line with Supreme Court docket filings, Passion Foyer objects to the Obamacare mandate that requires employers to supply entry to insurance policies masking the IUD and the 2 morning-after capsules, Ella and Plan B, as a result of it believes the contraceptives trigger abortion by stopping implantation of the IUD. fertilized egg.
The researchers say these units don’t terminate pregnancies just like the abortion drug RU-486. It additionally doesn’t cease the implantation of fertilized eggs. Fairly, these units cease being pregnant earlier than it happens by making it tougher for sperm to achieve the egg or delaying ovulation.
The underside line is that there are “faith-based” funding choices for firms like Passion Foyer that care about who they do enterprise with. Dan Hardt, a Kentucky-based monetary planner who makes a speciality of faith-based investing, advised Mom Jones that the efficiency of funds just like the Timothy Plan or the Ave Maria Fund, which search firms that make abortion medicine or assist stem cell analysis, are about the identical. as in the event that they weren’t vetted.
Forbes identified that Passion Foyer has a fiduciary obligation beneath federal legislation to know what a company-sponsored 401(okay) is investing in for the advantage of its workers.
