A $9 billion pension and health benefits fund operated by The Church of Jesus Christ of Latter-day Saints is raising questions over its reporting on its investments.
But the nonprofit pension fund, created in 1970, has until recently drawn relatively little public attention although there are hints of similar patterns in how it has — or perhaps hasn’t — reported its investments.
“The church has received no notice that DMBA, or any church entity, is currently being investigated for its filing practices,” he added. “We understand the matter is closed.”A look inside DMBADMBA, often called Deseret Mutual for short, was created in 1970 and is a subsidiary of Deseret Management Corp., the global operating company over the church’s for-profit entities.
With its billions in holdings, the fund is fully solvent and capable of covering its obligations to its tens of thousands of plan participants. Pension fund disclosures filed with the U.S. Department of Labor show DMBA’s investments in corporate stocks alone — potentially subject to SEC reporting — were worth a total of at least $1.46 billion at the end of 2021, the most recent data available.
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