PASCAGOULA, MS (WLOX) - A decision could be made soon on the settlement in the Singing River Health System pension saga. A federal judge will be deciding whether to approve a settlement between the health system and retirees.
This pension battle has been brewing since 2014 when SRHS administrators revealed that the hospital had stopped contributing to its employees retirement fund since 2009.
SRHS has pledged to commit $156,000,000 into the pension fund over the next 30 years to restore the missed contributions to the plan up to the point it ended in 2014. Once the settlement is reached, the Special Fiduciary and Courts will then decide how the pension money will be allocated among all the plan participants.
SRHS CEO Kevin Holland told WLOX News Now in January that he believes this is a fair and reasonable agreement.
"I think there's a broad sense of understanding that this thing needs to end for the benefit of all," said Holland. "And to be honest, I think most of the community, including our employees and the participants in the plan, would like to see it end. Everybody just wants to know, what am I getting, where is it going to go, and when is it going to end?"
Attorney Harvey Barton, who represents many of the retirees, said the deal is unreasonable. He said he wants the judge to essentially hit the "reset" button at the hearing.
Those arguing for and against this settlement are getting their chance to speak their mind on the settlement at Monday's hearing.