The St. Clare’s Corporation has filed a petition to dissolve in the State Supreme Court in Schenectady County.
The corporation says it completed the termination of the St. Clare’s Hospital pension plan in February.
“St. Clare’s expresses sincere and heartfelt thanks to the dedicated individuals who worked at St. Clare’s Hospital and provided compassionate care to people in need, including many of the most vulnerable members of our community.”
St. Clare’s says it is aware of and supports community efforts to identify other sources of funding to help retirees. If additional funding is secured, it says it will be distributed by another entity or entities.
Among its final moves, St. Clare’s says it contributed $505,000 to the pension plan to be included in the final distribution to eligible plan participants. It also donated its remaining assets of $51,100 to the Catholic Charities of the Diocese of Albany. St. Clare’s says it should be used as a pensioner relief fund for the benefit of retirees.
Sen. Jim Tedisco (R,C,I, REF-Glenville) issued this statement:
“I have contacted the Governor, Comptroller and Attorney General and asked each of them to intervene to bring resolution for our St. Clare’s retirees. It’s becoming more and more remarkable and disconcerting that the highest ranking statewide elected officials, Governor, Comptroller and Attorney General, all who have investigative or subpoena powers as well as representing the 1100 St. Clare’s Hospital workers whose pensions have been threatened have refused to work together to find the cause of their pension insolvency or a way to move forward for pensioners.
As opposed to other pension funds that New York State had no involvement with, the state put forth the Berger Commission, as a part of the right-sizing of the state’s health care systems, to work with St. Clare’s through its closing and expended $28 million for the future solvency of its pension system. Why they are failing to intervene on behalf of these health care workers to find the cause(s) of the pension system failure is suspicious as to what they fear they may find and suggests a potential inconvenience of facts!” “I respectfully ask them to do their due diligence and by working together come to a conclusion as to the cause of St. Clare’s pension insolvency and a way forward. I certainly will continue to strongly advocate for our pensioners on this!”