Unpaid pensions continue to be an issue for more than a thousand people who worked at the former St. Clare’s Hospital.
The Albany Diocese has arranged a discussion with the affected pensioners for December 20th, and Friday marks the deadline for many of those who are receiving partial pensions to make a big decision.
Bob Bradley is a member of the pension committee and says those receiving partial pension payments need to decide by Friday whether they will take their payment in full or continue to receive monthly installments.
“Basically they are liquidating the funds and its going through prudential so people will either get their lump sum or their payments through prudential.”
A spokesperson for the corporation says:
As the St. Clare’s Pension Plan terminates, eligible plan participants have been asked to provide their selection to Prudential Retirement by Dec. 14 with their selection to either receive a lump sum or monthly payments. Prudential will make reasonable efforts to honor late elections but we urge participants to respond by the Dec 14 date. Those who do not provide a selection will receive monthly payments, as that is the default payment system under the Pension Plan.
For those participants who receive monthly lifetime benefits going forward, the Pension Plan will purchase guaranteed annuities from Prudential, who will administer the funds. Participants who choose the lump sum payment will receive the calculated equivalent of the monthly benefits they would have otherwise received over the rest of their lives.