Beware, current and future retirees of LRGHealthcare

To The Daily Sun,

I recently retired from LRGHealthcare after 11 years of employment. Over the last several years the dedicated employees of the organization have continued to provide the best experience possible for patients and visitors, with pride, even in the face of adversity. From layoffs and furloughs to not receiving a raise for years and the nonstop speculation of what the future holds, those of us in the trenches of healthcare have not wavered from the mission of care, compassion and community. Now, in the wake of the recent bankruptcy filing, the hospital has added more insult and injury to the situation. I was informed by senior administration that the lump sum payout I elected to receive from the pension fund will not be coming my way anytime soon, even though I submitted all of the paperwork two months ago. It could be far into next year before I receive my retirement money. The executive I spoke to could not tell me why this was, as the pension fund will continue to payout and process annuity payments but not lump sum payments. So, if you're an annuity guy, it's all good, you get paid. If you're a lump sum guy like me, too bad, you're in limbo for who knows how long. Ridiculous! Retirees rely heavily on Social Security and their pensions to make ends meet. I was told "your money is there, it's safe, it's not going anywhere, you just can't have it right now"

REALLY? Should I believe that once this all plays out my retirement funds will still be there along with the millions of dollars that current and future retirees have in the pension fund? Concord Hospital said it would assume the pension liability. What if they are not the winning bidders in the war of assets? Then what? It's my money, I earned it, pay it to me! I have bills to pay like everyone else. This is another example of how the inept board of trustees allowed previous management to create a debt load so out of balance for a hospital its size that it simply was not manageable. Now with the questions surrounding the pension fund it just adds more pain to the situation. Nikola Tesla was a "visionary" who couldn't profitably manage anything. Sounds a little like the previous management of LRGHealthcare.

Stephen Morin

Berlin