NOTICE

TO ALL VESTED PARTICIPANTS AND BENFICIARIES OF THE SINGING RIVER HEALTH SYSTEM EMPLOYEES’ RETIREMENT PLAN AND TRUST (the “Plan“)

You may have seen a story published by WLOX on April 8 or other news coverage regarding the Plan.

It is important that you know that there are incorrect and misleading details reported in that story.

The lawsuit filed Wednesday is a suit against KPMG and Transamerica.  This lawsuit alleges negligence on their part as the former auditor and administrator of the Plan.

The new lawsuit claims that SRHS retirees are not getting 100% of what was originally promised to them.  This is correct as you all know.  Benefits had to be reduced in May of 2018 – even with the settlement. 

The new lawsuit is a claim to recover those benefits lost because of the benefit reductions in 2018.

I want you to know:

The Hospital is making the settlement payments in accordance with the 35 year agreement – that money has not “quickly disappeared” and no additional benefit reductions are contemplated at this time.  The money in the trust and the settlement payments are being managed and you can stay up to date each month with the financial information I post here on this website.

This lawsuit against KPMG and Transamerica has NO BEARING on the reduced benefits currently being paid or that will be payable from this plan.  It is a separate lawsuit to recover the benefits lost because of the reductions that were necessary in 2018 to keep the Plan solvent.

With the settlement and with the benefit reductions that were ordered in May of 2018, this plan is currently within the court ordered corridor of 90% – 110% funded and it is currently projected to stay that way.   

Please continue to follow my updates here on this website regarding the status of the Plan. 

Feel free to contact me if you have questions.  I can be reached via e-mail at Traci@mcgkc.com or by phone at 816-455-9030.

Traci Miller Christian
Special Fiduciary Singing River Health System Employees’ Retirement Plan and Trust