SCHENECTADY, N.Y. (NEWS10) — The New York Attorney General’s Office said the court has ruled on a motion to block the dissolution of the pension fund from St. Clare’s Hospital.
As a result of the ruling, New York Attorney General Letitia James will have access to over 100 pieces of evidence to examine the fund and its collapse. She will also be able to depose the fund’s board president and attorney.
St. Clare’s pensioners will now be able to attend future deliberations in the dissolution hearing. According to Sen. Jim Tedisco, the board has tried to block pensioners from speaking at the hearings. Tedisco also said he was told by the Attorney General’s Office that the board tired to take money that was left in the pension fund and leave.
In December, Sen. Tedisco provided the Attorney General’s office with a document that he received from an anonymous source that said the “St. Clare’s Hospital defined benefit plan is underfunded by $47 million as of December 31, 2006,” and not the $28 million originally allocated by the state in the consolidation agreement.
The document raised questions about what happened to the money that was meant to go to the retirement of pensioners.
The collapse of the St. Clare’s pension fund left 1,100 retirees without or significantly reduced pensions.
The Attorney General’s Office issued the following statement:
“We are pleased with the court’s decision to allow us to access these critical documents and the information central to the matter at hand. The pensioners deserve a full accounting of how this happened, and we will continue to fight to do just that.”
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