SINGING RIVER EMPLOYEES' RETIREMENT PLAN & TRUST WEBSITE

Employees’ Retirement Plan & Trust


Latest Update – Nov 16th, 2022



November 14, 2022 – Letter from the SF

November 14, 2022

REMINDER!! NOTE THE CHANGE OF LOCATION

Please mark your calendars for Friday, November 18th. I will be presenting on that day to give you an update on the financial status of the Plan and to answer questions from you.
I’ll be meeting with participants from 1:00 pm – 3:00 pm. The hospital has generously offered to host us at:
Jackson County Fairgrounds Civic Center
2902 Shortcut Road
Pascagoula, MS
Brian Perrot from FCI Advisors, our investment consultant will be joining us and I hope to see you there.
If you are not able to join in person, you can watch it later as the meeting will be recorded.
I encourage you to read my monthly reports to the Court and my letters here. Reading my monthly reports to Judge Bell and my letters here is the best way to stay up to date with accurate information.
If you are keeping up with those reports, you will have noted that our investments, like those of most every retirement trust in the country, are down as of September 30. I anticipate that we will not be as well positioned as of the October 1 valuation date as we have been in prior years. However, I do not anticipate making any recommendations for benefit changes.
If you have questions that I have not answered here on the website, please e-mail me. If you are wondering about something, others probably are too, and I will do my best to address all questions and concerns.

I am and will continue to be working for you.

Sincerely,

Traci M. Christian, EA, MAAA, FCA, MSEA
Special Fiduciary
Singing River Health System Employees’ Retirement Plan and Trust


October 25, 2022 – Letter from the SF

October 25, 2022

To: All Participants of the Singing River Health System Employees’ Retirement Plan and Trust

Dear Plan Participant,

I hope this letter finds you well.

Please mark your calendars for Friday, November 18th. I will be presenting on that day to give you an update on the financial status of the Plan and to answer questions from you.

I’ll be meeting with participants from 1:00 pm – 3:00 pm. The hospital has generously offered to host us at:

Jackson County Fairgrounds Civic Center
2902 Shortcut Road
Pascagoula, MS

Brian Perrot from FCI Advisors, our investment consultant will be joining us and I hope to see you there.

If you are not able to join in person, you can watch later as the meeting will be recorded.

I encourage you to read my monthly reports to the Court and my letters here. Reading my monthly reports to Judge Bell and my letters here is the best way to stay up to date with accurate information.

If you are keeping up with those reports, you will have noted that our investments, like those of most every retirement trust in the country, are down as of September 30. I anticipate that we will be not be as well positioned as of the October 1 valuation date as we have been in prior years. However, I do not anticipate making any recommendations for benefit changes.

If you have questions that I have not answered here on the website, please e-mail me. If you are wondering about something, others probably are too, and I will do my best to address all questions and concerns.

I am and will continue to be working for you.

Sincerely,

Traci M. Christian, EA, MAAA, FCA, MSEA
Special Fiduciary
Singing River Health System Employees’ Retirement Plan and Trust


Sept. 29, 2022 – Letter from the SF

September 29, 2022

To: All Participants of the Singing River Health System Employees’ Retirement Plan and Trust

Dear Plan Participant,

I hope this letter finds you well. I want to share a few updates with you.

Please mark your calendars for Friday, November 18th. I will be presenting on that day to give you an update on the financial status of the Plan and to answer questions from you.

I’ll be meeting with participants from 1:00 pm – 3:00 pm. The specific location is yet to be determined.
I hope to see you there.

I continue to make monthly reports to Judge Bell on the ongoing status of the Plan. I encourage you to read my reports to the Court and my letters here. Reading my monthly reports to Judge Bell and my letters here is the best way to stay up to date with accurate information.

If you have questions that I have not answered here on the website, please e-mail me. If you are wondering about something, others probably are too, and I will do my best to address all questions and concerns.

I am and will continue to be working for you.

Sincerely,

Traci M. Christian, EA, MAAA, FCA, MSEA
Special Fiduciary
Singing River Health System Employees’ Retirement Plan and Trust


Aug. 8, 2022Letter to Retirees & FAQ

TO: Singing River Health System Pensioners
FROM: Tiffany Murdock, CEO, Singing River Health System
DATE: August 8, 2022

Singing River Health System Retirees,

As you have no doubt heard, our Singing River leadership, Singing River Board of Trustees and Jackson County Board of Supervisors agree that the time is right to sell our health system.

This decision comes after a very long and thorough process to explore all options, always with our patients, nearly 4,000 team members, and retirees in mind. In a nutshell, the costs for capital, operations, staffing, pension funding, technology, and expertise are needed to continue providing high-quality care which far exceeds what a county-owned system could ever deliver for the long term. This would require raising county taxes year over year, which no one wants to see. We must find a like-minded, larger health system partner to secure our future. Our best option is to take that leap now – while we are in a position of strength.

The impact of this collective decision is far-reaching and we are working diligently to explain how we got here and where we go next. As a retiree, you should know that a sale of Singing River would not jeopardize your pension payments; in fact, a sale to a larger and financially stronger partner would better secure future funding of the settlement. It is important to note that the pension settlement fund is supported strictly by Singing River contributions, not by Jackson County taxpayers.

We encourage you to look over the findings shared by the Raymond James Company, an outside consulting firm hired by the County to evaluate the financial health of Singing River. The Raymond James Company echoed what the Singing River leadership and Board of Trustees already knew – that the only way to ensure sustainable, high-quality healthcare in the communities we serve is to sell to a larger organization. That report is available on the Jackson County website at www.co.jackson.ms.us and here on the SingingRiverRetirement.com website.

It is important for everyone to study this issue for themselves and know the facts around it. Please check out the attached “Frequently Asked Questions” and contact us if we can provide more information. Our key objective is to preserve this outstanding system that you helped build, and we hope to have your support. We will keep you informed as this process continues.

Sincerely,
Tiffany Murdock
Chief Executive Officer


FREQUENTLY ASKED QUESTIONS

Why sell and why now?
Singing River is in a position of strength, attractive to potential buyers, and able to dictate the best terms to assure a solid future for our patients, team members, and retirees. We have reached a point in our history where the costs of delivering the very best care to our community will soon far exceed what a county-owned provider could ever deliver for the long term (even if county taxes were increased at the maximum rate). A sale to a like-minded partner allows for an increase in purchasing power, payer negotiations and economic impact.

How will our Pension be protected if the system is sold?
One of the absolute “non-negotiable” requirements for any potential buyer is to first honor our commitment to the Pension settlement trust fund. Proceeds from a sale would go straight into the trust fund to maintain payments for the life of the plan, pursuant to the terms of the settlement.

Would it be better for Retirees if the county retained ownership of Singing River?
Outside healthcare experts and industry trends (including some hospital bankruptcies in our own state) show that continued county ownership is likely NOT better for retirees, employees, or the patients who count on us for their care. Increasing costs for daily operations, buildings, equipment, drugs, and staffing would require an enormous taxpayer burden and would still be insufficient to maintain our current operations and protect the pension commitment.
It is important to remember that the pension settlement fund is not backed by county tax dollars, it is backed strictly by Singing River’s ability to fund it. Selling Singing River to a strong partner now will ensure the pension payments are protected and will be a requirement for any sale.

Will management of the Pension change if the system is sold?
Management of the pension settlement trust fund is in the hands of the Chancery Court of Jackson County. The court has appointed Special Fiduciary Traci Christian to oversee the plan and any changes would be decided by the court.

Would a new buyer change our Pension payments?
A new buyer would have absolutely no say so over the pension plan, all decisions around the plan remain up to the Chancery Court and the court-appointed Special Fiduciary.

Where can I learn more about the process or ask questions?
We have set up a new web page with more information and updates on the process at www.SingingRiverForward.com. You can submit questions there and even subscribe to the website to receive email alerts. In addition, we are supplying updates to the Special Fiduciary who will post them on the www.SingingRiverRetirement.com website where you can also find the latest reports to the court and other updates.


July 18, 2022 – Update to SRHS-Pensioner-Memo

TO: Singing River Health System Pensioners
FROM: Tiffany Murdock, CEO, Singing River Health System
DATE: July 18, 2022
RE: Update on Board of Supervisors Meeting

Dear Singing River Health System Retiree,

I am writing to provide an update on our plans to secure the future of the Singing River Health System and healthcare for our communities in Jackson County and along the Gulf Coast of Mississippi.

As I shared last month, the Singing River Board of Trustees passed a resolution to pursue a fully integrated model with a like-minded healthcare organization that will invest in and grows our system. Today, the Jackson County Board of Supervisors approved this resolution to pursue this path.

As you are aware, the healthcare industry has continually changed over the last decade, with community hospitals like ours facing the strongest headwinds. As stated in the Raymond James report that was shared at the BOS meeting on July 5th, some of the challenges we face include:

  • Mississippi has the second-worst overall health ranking in the U.S., the highest poverty rate in the country, and an uninsured population significantly above national averages.
  • Mississippi is one of 12 states that did not adopt a Medicaid expansion, which means the amount of income that would have gone to health systems in our state is slated to decrease, significantly impacting hospitals like Singing River that provide significant care for underinsured and uninsured populations.
  • Like many community hospitals across the country, Singing River faces staffing shortages and must focus on retaining staff long-term while attracting new talent to serve our communities.

To stay ahead of these challenges, we must find solutions for advancements in technology, how we pay and get paid for services, the way we deliver care, and the ongoing challenge of staffing shortages, not to mention the impact of the pandemic. We are also looking for a partner who shares our vision to expand access to care, recognizes the value of our culture, and equips us with the tools to preserve what makes us unique while enhancing our services to better care for our patients.

The next step in the formal process includes the Board of Supervisors holding a public hearing for community input and consideration.

What This Means to You

Our commitment to our patients and communities doesn’t change as part of this process – and our priority will continue to be providing exceptional care to all those we serve. This process will not impact our daily operations or the services we provide. This process will also not impact your pension and we will continue to fund the pension for current employees and our valued retirees as we do today.

As we move through the steps of this exciting exploration process, we have developed a website SingingRiverForward.com to keep you informed about our work to ensure a strong future for Singing River Health System right here in the local community.

We know you will have additional questions about what this means and we are committed to sharing timely updates as we progress. Please join us for a Town Hall:

  • Tuesday, August 2nd at 8:00 am at the Senior Center – Jackson County, 1912 Live Oak Avenue, Pascagoula, MS.

I look forward to sharing more about this exciting journey as we work toward a brighter future for our communities along the Gulf Coast of Mississippi.

Sincerely,
Tiffany Murdock
CEO
Singing River Health System