No Approval in Singing River Pension

It was a long day in court as U.S. District Judge Louis Guirola heard from attorneys to determine if the Singing River pension plan settlement is fair and reasonable.
After a joining of hands in a prayer circle outside of the federal courthouse, retirees flooded the courtroom in Gulfport.
Attorneys from Singing River had a presentation on hand outlining why they think the settlement is not only fair and reasonable but outstanding. Noting that among other things, the hospital system must deposit nearly $150 million back into the retirement trust, equaling 100 percent of the annual required contributions SRHS failed to make between 2009 to 2014.
Retiree attorneys Harvey Barton and Earl Denham say it is concerning that no one speaking on behalf of Singing River could guarantee that would actually happen, saying they’re concerned about what would happen should the hospital default on their payments, noting that if they were to claim bankruptcy the retirees would get nothing.
They’re also concerned the county might be let off the hook when they failed to oversee how the pension plan was funded. “So that’s one of the issues today. The other one is hilarious. At the end of the day, they sprang about how they’re going to take a big percentage out of the retirees retirement checks when they’ve been representing in the plan all day that the attorney fees are going to be paid other than by the retirees. I don’t know, that’s just amazing to me,” said Denham.
Today, SRHS called several witnesses to the stand. Tomorrow, the court will hear from several witnesses called by retiree attorneys. Barton and Denham say they’re pleased to be in front of Judge Guirola.
The hearing will resume tomorrow at 9:30 a.m. where the court will hear from several more witnesses before the judge decides whether to approve the settlement.