The Catholic hospital, which sits on land owned by the Albany Diocese, eliminated its pension plan in November 2018 due to a $35.5 million budget shortfall, according to the report. The oldest retirees had pension payments reduced, and the remaining group had their benefits canceled entirely.
The lawsuit alleges the Albany Diocese oversaw the pension fund’s operations. However, Albany Diocese spokesperson Mary DeTurris Poust told the Times Union the diocese “never managed” the pension fund. “St. Clare’s is a separate corporation. Its pension was managed by the corporation, not by the diocese,” she said. Ms. Poust declined to comment on the lawsuit, as Albany Diocese lawyers had yet to review the suit, according to the report.
Read the full story here.
More articles on legal and regulatory issues:
European physician sues FDA for seizing abortion drugs
OCR settles 1st HIPAA Right of Access case with Bayfront
Telemedicine company CEO pleads guilty in $424M fraud scheme
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
