Singing River Doth Protest Too Much

How much would you spend to keep your secrets from public view? $1 million? $2.5 million? $5 million?

As of this writing, Singing River has spent nearly $1 million dollars fighting their own employees and retirees in court. Most of that money has been spent in an attempt to delay proceedings and prevent the public from getting answers about what was going on behind closed doors and where the money went. Continue reading

Publish the Pension Audit

Singing River pledged to publish all pension plan audits and make them available on their retirement webpage. The page notes that the audits for FY 2013 & 2014 are being finalized and will be posted upon completion.

Recent court filings revealed that SRHS received the audit in March 2015. Five months have passed and the audit has yet to be published.

Further, Singing River has submitted to the court evidence of the plan’s stability under seal. Why something as simple as a statement of assets should be accepted under seal is a curiosity. These are numbers that should generally be provided to plan members at regular intervals.

140million

Could it be that the pension plan and Singing River itself are not in such peril as they claim?

 

 

Singing River Spending $80,000 monthly on Lawyers

Scott C. Taylor, trustee for Singing River Health System, has indicated that SRHS legal bills have reached nearly $500,000. That puts SRHS’ monthly spend in the neighborhood of $80,000 for defense. The money is being paid by Singing River’s insurance policy and not from SRHS’ own funds. The insurance policy covers up to $1 million in lawyer’s fees or liability.  Taylor says he expects the limit to be reached around December or January. Continue reading

Billy Guice Releases Statement: Senior Execs Withdrew Pension Funds

Billy Guice has released a statement on findings from LaPorte’s examination of the Singing River Health System Employee Pension Trust.

Highlights:
  1. There was “[…]no evidence of theft, embezzlement or pilfering from the Trust Assets.”
  2. “There remain questions as to the investment of Trust Assets, particularly in 2008 and 2009.”
  3. “[…]there is no evidence that any senior officer of Singing River Health Systems [sic] withdrew their individual contributions to the pension trust in anticipation of or consistent with the failure[…]”
  4. “[…]the cost of defense of various parties […] is being paid by SRHS’s Officer and Director Liability insurance carrier[…]”
Analysis:

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