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.


Monday, August 24, 2015

Pension Plan Financial Update

A review of the Saint Peter’s 2014 financial statements shows that the unfunded pension liability doubled in one year: from $56 million in 2013 to $114.8 million in 2014. During meetings with plan participants, management stated that the intent was to fully fund the plan over a 10 year period. In 2014, only $3 million was funded, while payments to plan participants totaled $6.9 million. This is far short of management’s stated intent. The statements indicated that only $3 million will be funded in 2015. While management spends hundreds of thousands of dollars on new administrative offices, they cannot find the money to adequately fund a pension plan on which hundreds of retirees depend. It is time for a change in management and for the bishop to cede control of the hospital to an independent board. No bishop is above the Church’s teachings on social justice and worker’s rights, including Bishop Bootkoski.

Oral argument in Saint Peter's pension case appeal is (still) set for September 28 before the Third Circuit appeals court in Philadelphia.

2 comments:

  1. I agree with the writer 1000%. The Bishop and his crew are destroying the pension and Garrett Stoldt lied to us when he told us that the shortfall would be paid up in 10 years.

    ReplyDelete
  2. SEE I TOLD ALL OF YOU SO, AND NO ONE LISTENED--IF THEY HAD A LABOR UNION LIKE I WANTED TO BRING IN THE 90'S THIS WOULD NOT HAVE HAPPENED--NO ONE LISTENED-ALL PUSSYS. NO BALLS PEOPLE. THIS IS WHAT A "GOOD CHRISTIAN MEANS? TO WORK AT A PLACE THAT LIES? GROW SOME BALLS PARTICIPANTS! AND WHERE IS MY CLASS ACTION LETTER? EVERY CLASS ACTION LAWSUIT I WAS INVOLVED IN-THERE WAS A LETTER SENT TO ALL OF THE POTENTIAL PARTICIPANTS.
    August 26, 2015 at 10:06 AM

    ReplyDelete

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