Emergency Status Hearing Friday on St. Joseph Pension Fund Bankruptcy
Wednesday, September 06, 2017
Del Sesto was not supposed to be before the court until October 11. The hearing is necessary according to Del Sesto to update the court on emerging issues.
Presently, retirees face cuts to their payments of 40 percent due to the bankruptcy. As the pension fund was a "church plan" associated with the Diocese of Providence it is not federally insured.
The pension fund was placed into receivership on August 17 and since then GoLocal has uncovered a number of concerning issues including failure by the management of St. Joseph, while in was under the control of the Diocese of Providence to make scheduled pension contributions.
In addition, a GoLocal investigation found that RI Attorney General Peter Kilmartin failed to review critical documents while his office was reviewing, and ultimately, approving the sale of St. Joseph to CharterCare under the state’s Hospital Conversion Act.
A number of state leaders have called for an independent investigation and for Kilmartin to step aside. Those asking for an investigation include Governor Gina Raimondo, Speaker of the House Nick Mattiello, Senate President Dominick Ruggerio, former Attorney General Arlene Violet, SEC investigator Ted Siedle, and Cranston Mayor Allan Fung.
Mattiello, Violet, Siedle, and Fung have all called for Kilmartin to step aside.
The emergency status hearing will be held at 2:00 p.m. on Friday.
Related Slideshow: List of RI Active Single-Employer Pensions Plans Insured by Federal PBGC Insurance
TRIANGLE WIRE & CABLE INC PENSION PLAN FOR HOURLY EMPLOYEES
Ocean View Capital Inc
MCLAUGHLIN & MORAN INC. UNION EMPLOYEES SUPPLEMENTAL RETIREMENT PLAN
MCLAUGHLIN & MORAN INC.
MOSHASSUCK CEMETERY CORPORATION PENSION PLAN
Central Falls, RI
Moshassuck Cemetery Corporation
MCCARTHY & ASSOCIATES LLC DEFINED BENEFIT PLAN
East Greenwich, RI
McCarthy & Associates LLC
COMMUNITY AND TEACHERS FEDERAL CREDIT UNION RETIREMENT PENSION PLAN
East Providence, RI
Community and Teachers Federal Credit Union
DASKO IDENTIFICATION PRODUCTS INC. RETIREMENT PLAN
East Providence, RI
Dasko Identification Products Inc.
FACTORY MUTUAL INSURANCE COMPANY PENSION PLAN
FACTORY MUTUAL INSURANCE COMPANY
THE PEOPLES CREDIT UNION DEFINED BENEFIT PLAN AND TRUST
The Peoples Credit Union
E.A. SHERMAN PUBLISHING CO. DEFINED BENEFIT PENSION PLAN
E.A. Sherman Publishing Company
THE SPOUTING ROCK BEACH ASSOCIATION RETIREMENT PLAN
SPOUTING ROCK BEACH ASSOCIATION
PASCOAG UTILITY DISTRICT DEFINED BENEFIT PENSION PLAN
Pascoag Utility District
FAST CASH PAWN AND CHECKCASHERS INC. DB PLAN AND TRUST
Fast Cash Pawn and Checkcashers Inc.
PAWTUCKET MUTUAL INSURANCE CO DEFINED BENEFIT PENSION PLAN AND TRUST
PAWTUCKET INSURANCE COMPANY
THE MEMORIAL HOSPITAL DEFINED BENEFIT PENSION PLAN AND TRUST
Memorial Hospital of Rhode Island
UNITED FOOD & COMMERCIAL WORKERS UNION LOCAL 328 DEFINED BENEFIT PEN PLN & TRST
UNITED FOOD & COMMERCIAL WORKERS UNION LOCAL 328 AFL-CIO
CHISHOLM CHISHOLM & KILPATRICK CASH BALANCE PLAN
Chisholm Chisholm & Kilpatrick Ltd.
CWC CASTINGS DIVISION OF TEXTRON INC. HOURLY-RATED EMPLOYEES PENSION PLAN
PROVIDENCE AUTO BODY INC. DEFINED BENEFIT PENSION PLAN
Providence Auto Body Inc.
WESTMINSTER EYE CARE CASH BALANCE PLAN
Westminster Eye Care Associates Inc.
NEW ENGLAND CONSTRUCTION COMPANY INC. CASH BALANCE PENSION PLAN AND TRUST
New England Construction Company
NAVIGANT CREDIT UNION DEFINED BENEFIT PENSION PLAN AND TRUST
Navigant Credit Union
UNCLE SAMS GLASS AND DOOR INC DEFINED BENEFIT PENSION PLAN
Uncle Sams Glass And Door Inc
EMPLOYEE BENEFITS PLAN OF BIG BROTHERS OF RI INC
Big Brothers of Rhode Island Inc.
EMPLOYEE BENEFIT PLAN OF KENT COUNTY VISITING NURSE ASSOCIATION
Kent County Visiting Nurses Association
PROVIDENCE WASHINGTON INSURANCE COMPANY EMPLOYEES PENSION PLAN
Providence Washington Insurance Company
CENTREX DISTRIBUTORS INC UNION EMPLOYEES SUPPLEMENTAL RETIREMENT
West Greenwich, RI
CENTREX DISTRIBUTORS INC
ORIGINAL BRADFORD SOAP WORKS INC RETIREMENT PLAN FOR UNION EMPLOYEES
West Warwick, RI
BRADFORD SOAP WORKS INC
PENSION PLAN FOR EMPLOYEES OF CENTREVILLE SAVINGS BANK
West Warwick, RI
CENTREVILLE SAVINGS BANK
WESTERLY COMMUNITY CREDIT UNION DEFINED BENEFIT PLAN AND TRUST
Westerly Community Credit Union
CVS HEALTH CORPORATION LEGACY PENSION PLAN
CVS Health Corporation HR Retirement Benefits
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