A new article on the St. Peter's "church plan" conversion was published last week. Mark Miller, a columnist on retirement and aging for the international Reuters news agency, writes about St. Peter's in the context of the 2004 landmark case of the Hospital Center at Orange (HCO), whose own conversion was a prelude to gutting the pension plan to pay off the hospital's creditors. It's because of the HCO litigation, and subsequent decisions by the IRS, that most St. Peter's retirement plan participants are aware of the issue at all. The column has been published across the country and around the world by Reuters' affiliates. Read the article here.
The official IRS comment deadline has now come and gone. However, it's possible that letters received past the deadline may be considered. If you haven't already done so, please consider composing and sending a letter of comment. Use our letter templates to guide you. Probably the most productive action at this point is contacting your representatives in Congress; you can use the info we've provided here.
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.
