U.S. Supreme Court denies appeal of Singing River pension plan settlement
PASCAGOULA, MS (WLOX) - The U.S. Supreme Court denied an appeal from objectors of the Singing River pension plan class action Settlement Monday.
The latest ruling paves the way for $156,000,000 being paid into the plan.
“This is a great day for the pension members,” said lead attorney Jim Reeves. “Frivolous appeals have delayed funding for years and cost the plan millions. That should be all over with this ruling."
This means retirees, who worked at the Singing River Health System hospitals and were part of the pension plan, will soon get their share of the $156 million total settlement.
This battle started in 2014, when the board of trustees voted to terminate the pension fund because it was under-funded and the health system was struggling with $80 million in newly found debt.
Reeves stated he and other attorneys for pension members will now focus on other corporate wrongdoers, who also helped cause the pension’s members catastrophic losses.
“The plan by this settlement has been made whole. We will now push to make the pension members whole as well,” said Reeves.
Reeves previously told WLOX the hospital can start making installments to pay the $156 million agreed to fund the pensions over the next 35 years.
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