Senate Committee Investigates CCRCs
Posted: Monday, July 26, 2010
On Wednesday, July 21, the Senate Special Committee on Aging held a
hearing
to highlight the findings of their
investigation
into Continuing Care Retirement Communities. The investigation found that unstable market conditions and poor financial planning have led to financial difficulties for some CCRCs, putting residents of some CCRCs at risk. The hearing included testimony by: Alicia Cackley, Director, Financial Markets and Community Investment, US Government Accountability Office, Washington, DC, Kevin McCarty, Insurance Commissioner, Florida Office of Insurance Regulation, Tallahassee, FL, Charles Prine, Resident of Concordia of the South Hills CCRC, Mt. Lebanon, PA, Katherine Pearson, Professor, Dickinson School of Law, Pennsylvania State University and Director, Elder Law and Consumer Protection Clinic, University Park, PA, and David Erickson, Vice President of Legal Affairs, Covenant Retirement Communities on behalf of the American Association of Homes and Services for the Aging, Skokie, IL.