Important Pension Update

The Union has been made aware of some Facebook posts and rumors at the Hospitals related to the pension plan. As everyone is aware, Catholic Health, like all hospitals in Western NY and many throughout the nation, has been under significant financial strain over the past few years. Catholic Health reached out to CWA regarding their financial situation and we have had discussions with them.  

We would like to dispel one rumor: there are no discussions to eliminate the pension plan. One option we are discussing with Catholic Health to help preserve cash is to temporarily defer cash contributions to the pension plan in 2023. Over the past decade, Catholic Health has contributed significant dollars to the plan. The pension is currently funded at the highest level that it has been in 20 years, at 65%.  

As you may be aware, unlike self-funded retirement plans (403b and 401k plans), the payout from the pension plan does NOT fluctuate with the market. It is based on an employee’s earnings and years of service. Temporarily pausing cash contributions to the pension plan will NOT impact benefits earned by employees.

We want to talk to everyone in detail about the discussions that have been held, so we will be having a town hall call next Tuesday January 31st at 7:30pmThe Inbound Participant Line for this event is 855-840-6970.

Erin Spaulding, Temporary Administrator
 

CWA Local 1133