Walsh Responds To Recent Developments ToSt. Clare’s Pension Crisis

A Statement from Mary Beth Walsh (R,C,I-Ballston)

“It’s been a little more than a year since the 1,100 St. Clare’s pensioners were given less than two weeks’ notice that their hard-earned pensions would be taken away. The situation has been simply unacceptable, and these individuals are well into another holiday season without answers.

“Previously withheld documentation suggests that the state and Catholic Diocese may have known the fate of the St. Clare’s pension fund, and yet they did nothing to mitigate the damages. In the early 2000s, an actuarial report found that the fund was underfunded by $47 million, however only $28 million was put forward by the state. While the ‘how’ and ‘why’ this decision was made remains unknown, I believe this new information may be helping us to close the gap in determining who is responsible and what steps should be taken next to make these former employees and retirees whole. I proudly join Sen. Tedisco and the pensioners in their request to the state attorney general for a complete investigation into the crisis in hopes that a long-awaited resolution can be determined.”