Publisher’s note: Please read this carefully and with great consideration. This is a sensitive subject and may cause some to think we are attempting to induce fear or panic. We are not. We do not publish these reports and documents without due deliberation. There are facts that we can no longer conceal; someone must stand up before it is too late.
As we stated in our previous post, SRHS’ plans must be revealed. Since the beginning, SRHS has worked to sow discord between employees and retirees under the theory of divide and conquer. The number of active employees in the plan is greater than the number of retired members. SRHS was in a perfect position to coercively influence their employees against any plan litigation. Indeed, one of the smallest plaintiffs’ groups is made up of active employees.
The largest number of plan members are middle aged. Retirement for them is too far away on the horizon to be worried about squabbling and litigiousness. Right now they are focused on raising kids and getting them off to college, and not as concerned with retirement that is 25+ years away. There is also the idea that there is time for younger and middle aged plan members to recover, so any loss at the hands of SRHS may be made up by future promotions or raises.
Singing River has been working very hard to keep its current employees working under the belief that the settlement is the only way to save Singing River. That if only a settlement is crammed through can things improve. This is not true.
As we stated the other day, even if SRHS’ future pension liability is zero, the system would still struggle. As evidence, look to the last five years where SRHS has paid nothing into the plan. They are still not meeting the financial requirements of the bonds.
Though things have improved, they have not improved enough. Continue reading
These three developers are having a tough time. They got millions from federal programs to help them build a hotel and develop the surplus land into outparcels. They got capital injections from foreign investors whose only return on investment requirement is a green card. They got low cost, preferential loans under another federal program.
The cash flow from the hotel now isn’t enough to cover the debt service. So in January, they went to BancorpSouth and took out a five year loan for $795,000 against the unsold La Font outparcels. Apparently that isn’t enough either, so they have gone back to city hall for another hand out.
Won’t you call city hall today? Won’t you donate more of your tax dollars to subsidize these three developers? Won’t you?
You can bring your enemies to their knees
With the possible exception of the North Vietnamese.
It takes a strong hit from the money machine
James Taylor – Money Machine
Jim Reeves and co. have filed for approval of the final settlement with Singing River Health System.
They also have an extensive filing in support of their $6.5 million fee.
Read the documents here: Continue reading
This is a pension valuation report provided by Transamerica to Singing River Health System’s CFO Lee Bond. It is one of the many thousands of documents that Singing River wishes you not to see. With the passage of SB 2407, such documents should now see the light of day.
Click here to download the 28 page PDF.
This was part of a recent Friday Update at Baptist Hospital in Jackson.
An updated [sic] from Baptist Health Systems President & CEO Chris Anderson:
Good Friday is the day we commemorate the crucifixion of Jesus Christ and his death at Calvary. As we draw toward the end of Holy Week here at Baptist, it is a wonderful time to reflect on the privileges we enjoy as Christians living in a free society, and especially the honor of working for an organization that not only permits us to celebrate our faith at work, but one that encourages the practice of our faith. I am thankful for our Mission, for our commitment to leading in healthcare and following in faith, and for our Faith Relations and Pastoral Care team that every day support our mission at Baptist. Just in the past few days I have personally witnessed the impact that these men and women can have, in working with our staff, patients and guests, in the lives of others. We all have the opportunity each and every day to impact the lives of the people in our community and I am thankful that we have this important work to do.
You can see the full post and even leave a comment for Chris Anderson by clicking here.
SRHS Watch has received several hundred pages of documents from various sources during the course of the last year.
Even at this late juncture, the extent of the problems are not fully appreciated by most.
Singing River will not publish the latest pension numbers they had. Steve Simpson will not either. Billy Guice has even complained about Simpson’s denying him current numbers.
There are pension reports that explained the situation independent of the pension audit. Those will not be shown to the public.
You have to ask, why?
There is a plan folks. There are recommendations that have been made, but that will not be implemented until the settlement is approved. SRHS upper-management and attorneys are too afraid of the settlement falling through if all the necessary changes are implented prior to approval. They have skated for well over a year without making the necessary structural changes.
The JCBOS is still getting the mushroom treatment (kept in the dark and fed manure) by their attorney. Yet they illegally voted in secret to keep him on the job.
Even certain newly appointed SRHS trustees are threatening bankruptcy if the settlement isn’t pushed through.
Resolution of the pension issue WILL NOT make or break Singing River. Think about it: SRHS hasn’t paid into the pension plan in years and IS STILL NOT DOING WELL. Even if there was zero pension liability, SRHS would still need to make massive structural changes to survive.
We will begin publishing documents this week. There is no longer reason to sit on them. The need for truth and light and the public interest compel publication.
Developing: Early confirmed reports are that Singing River Health System hosted a conference at the Hilton San Destin resort this weekend. We will bring you details as the story develops.