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.
The management of Saint Peter's University Hospital is using the church to exempt itself from the Federal safeguards that protect your retirement plan. For an introduction, see Your Pension At Risk.
