Letter sent to AG asking what steps have been taken investigating St. Clare’s Pension Fund

Local

GLENVILLE, N.Y. (NEWS10) — The Chair of the St. Clare’s Pension Recovery Alliance, Mary Hartshorne, and State Senator Jim Tedisco (R,C,I,REF-Glenville) sent a letter Monday to Attorney General Letitia James. They are asking for an update on the steps her office has taken to investigate the collapse of the Pension Fund for the former St. Clare’s Hospital in Schenectady.

In December 2019 Tedisco says he provided the AG with a document saying, “St. Clare’s Hospital defined benefit plan is underfunded by $47 million as of December 31, 2006.” The state agreed to $28 million in a consolidation agreement, at that time.

Tedisco and Hartshorne asked the AG to include in her ongoing investigation why there was an agreement for the state to only provide $28 million in taxpayer funds after all parties involved were made aware that up to $47 million was needed.

St. Clare’s Hospital was closed a decade ago by a requirement of the state’s Berger Commission in its mission to right-size New York’s health care facilities, and its operations were absorbed by Ellis Medicine.

According to Tedisco, at the time, the state paid $58.7 million to cover transition costs, including $28 million to cover the anticipated needs of the St. Clare’s Pension Fund.

The full letter can be seen below:

LATEST STORIES:

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download our news app

App Store Link
Google Play Link

Coronavirus Outbreak

More Coronavirus Outbreak