Considering the number of people nationwide who could be affected by the outcome of such suits, this is one Hail Mary pass that, if it succeeds, could bring respite to a lot of workers. (Photo: Shutterstock)
Faith may be a powerful force, but it's not paying the bills for Catholic hospital workers who have been told that their pensions are gone.
NPR reports that workers at St. Clare's Hospital in Schenectady, NY, were stunned to be told that its pension fund had collapsed after the hospital, says the report, had run "into financial problems and in 2008 it was folded into a larger hospital system."
After initially being told that there was nothing to worry about concerning their pensions, more than 600 workers now find themselves cut adrift just when they need the money most. Some older workers were offered reduced pensions, but for the 600+ workers at the heart of the issue, there's nothing on offer.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
