Newly released documents shed light on St. Clare’s Corporation decision-making

Local

SCHENECTADY, N.Y. (NEWS10) — The New York State Attorney General’s Office is seeking a 90-day discovery period for depositions and document acquisition before the St. Clare’s Corporation dissolves.

The memorandum seeks depositions specifically from board president Joseph Pofit, and Raymond McCabe, the man who advised the board on the pension.

Around 1,100 former St. Clare’s Hospital employees learned late last year their pensions would either be reduced or eliminated altogether due to a lack of funds.

Through the advice of the Berger Commission, the state gave the corporation which manages the pension $28.5 million, and now the Attorney General’s Office is working to figure out why that wasn’t enough.

“Neither the petitioners nor the corporation are liable for benefits that were to be paid to plan participants,” McCabe’s law firm wrote in a memorandum in opposition filed in June.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download our news app

Get it on Google Play