Attorney General gives update on St. Clare’s Pension investigation

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ALBANY, N.Y. (NEWS10) — According to the Attorney General’s Office, they are looking into both the dissolution of the St. Clare’s Corporation and a separate “intensive” and “as thorough as you can hope for” investigation into what happened to the Pension Fund.

In December Senator Jim Tedisco (R,C,I,REF-Glenville) sent Attorney General (AG) Letitia James a document that says 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 a consolidation agreement.

The AG has reviewed the document as well as related documentation from the time of the hospital consolidation. She also says that the investigation is being overseen by the highest levels at her office.

Hundreds of pensioners from the now-closed St. Clare’s Hospital in Schenectady had their plans either significantly reduced or eliminated altogether.

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