Today, Assemblywoman Mary Beth Walsh (R,C,I-Ballston) joined fellow Senate and Assembly members of the Capitol Region and St. Clare’s pensioners at a rally at the State Capitol to urge the state to launch an investigation into St. Clare’s Hospital’s pension fund collapse. Last year, over 1,100 former employees and retirees were notified their pensions would significantly decreased or be eliminated.

St. Clare’s Hospital in Schenectady closed 10 years ago and was absorbed by Ellis Medicine. During this time, the state paid $50 million to St. Clare’s to cover transition costs, including $28 million to cover estimated needs of the St. Clare’s pension fund. However, the Great Recession and the decline of the economy determined these funds to be inadequate and the pension costs were unable to be covered.

Walsh currently sponsors Assembly Bill 7503, which would prohibit the New York Department of State from dissolving the pension fund for employees of the former St. Clare’s Hospital until an investigation is conducted to determine if there was any misconduct in the handling and management of these funds.

“Over 1,100 employees dedicated years of labor and invested millions of dollars into a pension fund only to see it disappear before their eyes. These loyal employees are facing financial hardships due to a failed administration. As legislators, it is our obligation to investigate this tragedy and deliver these funds that were promised decades ago,” said Walsh. “We are down to the final days of session, with little to show but prisoner pay raises and free college tuition to illegal immigrants. I urge Gov. Cuomo and my fellow colleagues to launch an investigation and deliver funds to these hardworking people.”