Another New Jersey hospital is facing a suit claiming it has underfunded its pension system based on an erroneous claim of a religious exemption to the Employee Retirement Income Security Act.
St. Joseph’s Healthcare System of Paterson underfunds its employee pension plan to the tune of $212 million based on the erroneously claim that it is entitled to the “church plan” exemption to ERISA, according to a suit filed May 16 in the U.S. District Court for the District of New Jersey. St. Joseph’s plan is not entitled to such an exemption because it was not established or maintained by a church, according to the suit, brought on behalf of a class of pension participants.
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