Today, Assemblyman Joe DeStefano (R,C,I,Ref-Medford) joined fellow Senate and Assembly members of the Capitol Region and St. Clares pensioners at a rally at the State Capitol to urge the state to launch an investigation into the St. Clares Hospital pension fund collapse. Last year, over 1,100 former employees and retirees were notified their pensions would significantly decrease or be eliminated.
St. Clares Hospital, located in Schenectady, closed 10 years ago and was absorbed by Ellis Medicine. During this time, the state paid $50 million to St. Clares to cover transition costs, including $28 million to cover the estimated needs of the St. Clares pension fund. However, the Great Recession and the decline of the economy determined these funds to be inadequate and were unable to cover the pension costs.
Imagine working for decades, investing for retirement, only to find out that these funds have been ripped from beneath you. Thats what these dedicated employees have endured, said DeStefano. As legislators, it is our duty to get to the root of this and find a solution that will return pension funds to those that have so greatly earned it. I urge Gov. Cuomo and my fellow colleagues to investigate the St. Clares pension fund collapse before legislative session comes to a close and finally bring some transparency and accountability to Albany.