Click here for a short summary of the issue. Click here for a detailed timeline.
See also the Pension Rights Center website.
Click here for ex-St. Peter's CEO John Matuska's 2011 letter to the IRS.
Click here for ex-St. Peter's VP of HR Bruce Pardo's 2011 letter to the IRS.
Haga clic aqui para verun resumen del problema en español.


Wednesday, December 28, 2011

Another Brick in the Wall

A new letter from St. Peter's CEO Ronald Rak has been emailed to all St. Peter's employees. It reads:
Dear Saint Peter’s Retirement Plan Participant:

The administration of Saint Peter’s Healthcare System is grateful for your many thoughtful comments during the recent town hall meetings to discuss the status of your Saint Peter’s pension plan. We hear your concerns and as a result we are actively investigating ways to protect your retirement dollars, with the help of new outside experts to guide us in that mission.

The result of our efforts in this regard will be shared with you no later than February 28, 2012. Again, please know your concerns have been heard. A copy of this letter is also being mailed to every retirement plan participant at their home.
Note: the IRS comment period ends January 20, 2010. With this letter, St. Peter's management informs us that they plan to stonewall the pension plan participants until long after it's too late to effect any change in the IRS decision. Download the letter here.

It's vital that letters be sent to the IRS before the close of the comment period. The Pension Rights Center's sample letter is located here. We will make customized versions of this letter available for download very soon; stay tuned. In the meantime, please let us know your thoughts: comment at the link below. Both signed and anonymous comments are welcome.

3 comments:

  1. Hi- I'm Larry Kaplan. I retired in 2001 after spending 17 glorious years at SPUH. The current Admin. is blowing "smokescreens." Nowhere in the current letter do they state that they will eliminate the request for a "Church Plan." Any future Admiun can go back to the rules & regs of Church Plan and take everything away from us.If the Admin states that they will eliminate the request for a Church plan, than they are taking the right step, otherwise, do not "Hold your breath" that we will be protected as stated in our original employment material. Everyone must get letters to the IRS and everyone must get the word out in the community that Saint Peter's is not treating it's employees fairly.

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  2. Hi! I am one of those that worry when I retire. I have been in SPUH for 20 years and looking forward to retire at the age 62. Now if Church Plan is granted I don't have a future! I can't live with the Social Security alone. As per the original employment material that was given to me many years ago I am protected. Please deny the request for Church Plan. The new administration take away our only future. They don't care about their employees because they are 100% vested in their previous employer. The new administration is not compassionate at all. Saint Peters is not treating it's employees fairly.

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  3. Once again St. Peter's words do not match their actions. In the letter above Mr. Rak states that a letter would be sent to all plan participants...I am a vested employee in the pension plan and I did not receive any letter stating there would be a meeting before Feb. 28th. I think St. Peter's has excluded vested employees from their mailing list. I think they need to update their mailing lists.....

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