ALBANY N.Y. (NEWS10) — New York State lawmakers announced new legislation Thursday aiming to stop the dissolution of Saint Clare’s Corporation while the state investigates the collapse of the corporation’s pension fund.
Senator Jim Tedisco (R-Glenville) and Assemblyman Angelo Santabarbara(D-Rotterdam) say the legislation would give the state more time to conduct an investigation or audit to determine what led to the collapse of the $53 million pension fund which left more than 1,100 former employees emptyhanded.
“This legislation that we are putting forth today aims to put the brakes on shutting down the legal authority that controlled the pension fund until the state does its due diligence and gets to the bottom of what happened to the money to prevent something like this from happening again, and find a course to make things right for the 1,100 pensioners,” said Senator Tedisco.
The more than 1,100 former St. Clare’s Hospital employees and retirees were informed last year that they would receive either significantly reduced pensions or nothing at all. Some had worked at the hospital for decades.
Tedisco and Santabarbara’s legislation would delay the dissolution of the Corporation until the New York State Department of Health, Attorney General or Comptroller can investigation and determine whether there were any improprieties that led to the pension fund’s dissolution.
“This attempt to now dissolve the St. Clare’s Corporation while we are calling for an investigation into the matter is untimely and unacceptable,” Santabarbara said. “We have certainly not given up on trying to find a solution to fully restore the pension fund and neither should the Corporation.”
For more information on what is contained in the bill visit: https://www.nysenate.gov/legislation/bills/2019/s5596