Emergency Status Hearing Friday on St. Joseph Pension Fund Bankruptcy

Wednesday, September 06, 2017

 

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Hearing Friday at 2 pm on Friday

Court appointed receiver Stephan Del Sesto will be back in court much earlier than expected. The next hearing on the bankruptcy for nearly 3,000 members of the St. Joseph Health Services pension fund will be Friday, September 8, before Superior Court Judge Brian Stern.

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.

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AG Peter Kilmartin - many calling for him to step aside

Kilmartin failed to detect that the pension fund was suffering from a deficit of more than $126 million.

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

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SPARKS COMPANY  INC. CASH BALANCE PLAN

Adamsville, RI

Sparks Company  Inc.

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THE AUBER GROUP  LLC DEFINED BENEFIT PLAN

BARRINGTON, RI

THE AUBER GROUP  LLC

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RICHARD SCHULTZ PHOTOGRAPHY CASH BALANCE PLAN

Barrington, RI

Richard Schultz Photography

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TRIANGLE WIRE & CABLE INC PENSION PLAN FOR HOURLY EMPLOYEES

Barrington, RI

Ocean View Capital Inc

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HTW  INC. DEFINED BENEFIT PENSION PLAN

CRANSTON, RI

HTW  INC.

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MCLAUGHLIN & MORAN  INC. UNION EMPLOYEES SUPPLEMENTAL RETIREMENT PLAN

CRANSTON, RI

MCLAUGHLIN & MORAN  INC.

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RAFFA YOGA CASH BALANCE PLAN

CRANSTON, RI

RAFFA YOGA WORKSHOPS  LLC

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ROSSI ELECTRIC CO.  INC. DEFINED BENEFIT PLAN

CRANSTON, RI

ROSSI ELECTRIC CO.  INC.

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MOSHASSUCK CEMETERY CORPORATION PENSION PLAN

Central Falls, RI

Moshassuck Cemetery Corporation

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RIDE  INC. DEFINED BENEFIT PLAN

Coventry, RI

RIDE  INC.

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COASTWAY COMMUNITY BANK DEFINED BENEFIT PLAN

Cranston, RI

COASTWAY COMMUNITY BANK

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GENERAL EMPLOYEES RETIREMENT PLAN

Cranston, RI

Cranston Print Works Company

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JEWELRY CONCEPTS INC. PENSION PLAN

Cranston, RI

Jewelry Concepts Inc.

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OMEGA FINANCIAL CORP. CASH BALANCE PLAN

Cranston, RI

Omega Financial Corp.

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CHELSEA INDUSTRIES INC. RETIREMENT PLAN

Cumberland, RI

Chelsea Industries Inc.

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THE SHUSTER GROUP  LLC CASH BALANCE PLAN

Cumberland, RI

The Shuster Group  LLC

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MCCARTHY & ASSOCIATES  LLC DEFINED BENEFIT PLAN

East Greenwich, RI

McCarthy & Associates  LLC

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COMMUNITY AND TEACHERS FEDERAL CREDIT UNION RETIREMENT PENSION PLAN

East Providence, RI

Community and Teachers Federal Credit Union

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DASKO IDENTIFICATION PRODUCTS  INC. RETIREMENT PLAN

East Providence, RI

Dasko Identification Products  Inc.

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BENNYS RETIREMENT PLAN

Esmond, RI

BENNYS INC.

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THOMAS J. BOTTONE  JR. RETIREMENT PLAN

Hope, RI

Thomas J. Bottone  Jr.

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FACTORY MUTUAL INSURANCE COMPANY PENSION PLAN

JOHNSTON, RI

FACTORY MUTUAL INSURANCE COMPANY

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INTERBUILD  INC. DEFINED BENEFIT PLAN

LINCOLN, RI

INTERBUILD  INC.

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RI TOOL CO. & UNITED STEEL WRKS OF AM. AFL-CIO 1530

LINCOLN, RI

GREYSTONE  INC.

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AMICA PENSION FUND

Lincoln, RI

AMICA MUTUAL INSURANCE COMPANY

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RHODE ISLAND NURSERIES INC RETIREMENT PLAN

Middletown, RI

RHODE ISLAND NURSERIES INC

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THE PEOPLES CREDIT UNION DEFINED BENEFIT PLAN AND TRUST

Middletown, RI

The Peoples Credit Union

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E.A. SHERMAN PUBLISHING CO. DEFINED BENEFIT PENSION PLAN

Newport, RI

E.A. Sherman Publishing Company

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THE EPPLEY LABORATORY INC RETIREMENT PLAN

Newport, RI

THE EPPLEY LABORATORY INC

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THE SPOUTING ROCK BEACH ASSOCIATION RETIREMENT PLAN

Newport, RI

SPOUTING ROCK BEACH ASSOCIATION

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J. GOODISON COMPANY CASH BALANCE PENSION PLAN

North Kingstown, RI

J. Goodison Company

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RECRUE MEDIA  LLC PENSION PLAN

North Kingstown, RI

Recrue Media  LLC

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BENEFIT AUTO SERVICE CORP. PENSION PLAN

PAWTUCKET, RI

BENEFIT AUTO SERVICE CORP.

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PASCOAG UTILITY DISTRICT DEFINED BENEFIT PENSION PLAN

Pascoag, RI

Pascoag Utility District

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COOLEY INCORPORATED PENSION PLAN FOR HOURLY EMPLOYEES

Pawtucket, RI

COOLEY INCORPORATED

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FAST CASH PAWN AND CHECKCASHERS INC. DB PLAN AND TRUST

Pawtucket, RI

Fast Cash Pawn and Checkcashers Inc.

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HASBRO  INC. PENSION PLAN

Pawtucket, RI

Hasbro  Inc.

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NEPTCO INCORPORATED PENSION PLAN

Pawtucket, RI

NEPTCO INCORPORATED

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PAWTUCKET MUTUAL INSURANCE CO DEFINED BENEFIT PENSION PLAN AND TRUST

Pawtucket, RI

PAWTUCKET INSURANCE COMPANY

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THE MEMORIAL HOSPITAL DEFINED BENEFIT PENSION PLAN AND TRUST

Pawtucket, RI

Memorial Hospital of Rhode Island

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THE TEKNOR APEX COMPANY RETIREMENT PLAN

Pawtucket, RI

Teknor Apex Company

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TRUEX INCORPORATED RETIREMENT PLAN

Pawtucket, RI

Truex Incorporated

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WEINBERG GLASS  LTD. DEFINED BENEFIT PLAN

Pawtucket, RI

Weinberg Glass  Ltd.

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MICHELE S. FOSTER  ARCHITECT PENSION PLAN

Portsmouth, RI

Michele S. Foster  Architect

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UNITED FOOD & COMMERCIAL WORKERS UNION LOCAL 328 DEFINED BENEFIT PEN PLN & TRST

PROVIDENCE, RI

UNITED FOOD & COMMERCIAL WORKERS UNION LOCAL 328 AFL-CIO

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BELL HELICOPTER TEXTRON MASTER RETIREMENT PLAN

Providence, RI

Textron Inc.

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CARE NEW ENGLAND PENSION PLAN

Providence, RI

Care New England

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CHISHOLM CHISHOLM & KILPATRICK CASH BALANCE PLAN

Providence, RI

Chisholm Chisholm & Kilpatrick Ltd.

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CWC CASTINGS DIVISION OF TEXTRON INC. HOURLY-RATED EMPLOYEES PENSION PLAN

Providence, RI

Textron Inc.

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E.F. ODONNELL & SONS  INC. PENSION PLAN

Providence, RI

E.F.ODonnell & Sons  Inc.

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HOPE CLUB RETIREMENT PLAN

Providence, RI

HOPE CLUB

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LIFESPAN CORPORATION RETIREMENT PLAN

Providence, RI

Lifespan Corporation

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MARC ALLEN  INC. DEFINED BENEFIT PENSION PLAN

Providence, RI

Marc Allen  Inc.

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NEPC CASH BALANCE PLAN

Providence, RI

N.E. Private Client Advisors  LTD

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NORTEK INC RETIREMENT PLAN

Providence, RI

NORTEK INC

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PROVIDENCE AUTO BODY  INC. DEFINED BENEFIT PENSION PLAN

Providence, RI

Providence Auto Body  Inc.

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PROVIDENCE COLLEGE PENSION PLAN

Providence, RI

PROVIDENCE COLLEGE

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PROVIDENCE PUBLIC LIBRARY RETIREMENT PLAN

Providence, RI

PROVIDENCE PUBLIC LIBRARY

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RHODE ISLAND CREDIT UNION RETIREMENT PENSION PLAN

Providence,RI

Rhode Island Credit Union

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RIPARIAN PARTNERS  LLC CASH BALANCE PLAN

Providence, RI

Riparian Partners  LLC

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TEXTRON MASTER RETIREMENT PLAN

Providence, RI

Textron Inc.

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WESTMINSTER EYE CARE CASH BALANCE PLAN

Providence, RI

Westminster Eye Care Associates Inc. 

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CFG PENSION PLAN

Riverside,RI

Citizens Financial Group  Inc.

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NATIONAL LAMINATING  INC. DEFINED BENEFIT PLAN

Riverside, RI

National Laminating  Inc.

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NEW ENGLAND CONSTRUCTION COMPANY  INC. CASH BALANCE PENSION PLAN AND TRUST

Rumford, RI

New England Construction Company

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A. T. CROSS COMPANY PENSION PLAN

Smithfield, RI

A. T. Cross Company

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ALCOR SCIENTIFIC INC. CASH BALANCE PLAN

Smithfield, RI

ALCOR Scientific Inc.

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GROOV-PIN CORPORATION EMPLOYEES PENSION PLAN

Smithfield, RI

Groov-Pin Corporation

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NAVIGANT CREDIT UNION DEFINED BENEFIT PENSION PLAN AND TRUST

Smithfield, RI

Navigant Credit Union

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UNCLE SAMS GLASS AND DOOR INC DEFINED BENEFIT PENSION PLAN

Smithfield, RI

Uncle Sams Glass And Door Inc

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ROBERT BAXTER ASSOCIATES  INC. CASH BALANCE PLAN

WARWICK, RI

ROBERT BAXTER ASSOCIATES INC.

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W.F. SHEA DEFINED BENEFIT PENSION PLAN

WARWICK, RI

W.F. SHEA & CO.  INC.

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EMPLOYEE BENEFITS PLAN OF BIG BROTHERS OF RI INC

Wakefield, RI

Big Brothers of Rhode Island Inc.

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SOUTH COUNTY HOSPITAL RETIREMENT PLAN

Wakefield, RI

South County Hospital

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A T WALL COMPANY DEFINED BENEFIT PENSION PLAN

Warwck, RI

A T WALL COMPANY

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AHLBORG CONSTRUCTION CASH BALANCE PLAN

Warwick, RI

Ahlborg Construction

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EMPLOYEE BENEFIT PLAN OF KENT COUNTY VISITING NURSE ASSOCIATION

Warwick, RI

Kent County Visiting Nurses Association

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KINETEKS  LLC CASH BALANCE PLAN

Warwick, RI

Kineteks LLC

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PROVIDENCE WASHINGTON INSURANCE COMPANY EMPLOYEES PENSION PLAN

Warwick, RI

Providence Washington Insurance Company

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CENTREX DISTRIBUTORS INC UNION EMPLOYEES SUPPLEMENTAL RETIREMENT

West Greenwich, RI

CENTREX DISTRIBUTORS INC

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ORIGINAL BRADFORD SOAP WORKS INC RETIREMENT PLAN FOR UNION EMPLOYEES

West Warwick, RI

BRADFORD SOAP WORKS INC

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PENSION PLAN FOR EMPLOYEES OF CENTREVILLE SAVINGS BANK

West Warwick, RI

CENTREVILLE SAVINGS BANK

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THE MOORE COMPANY FOUR PERCENT PLAN

Westerly, RI

The Moore Company

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THE WASHINGTON TRUST COMPANY PENSION PLAN

Westerly, RI

The Washington Trust Company

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WESTERLY COMMUNITY CREDIT UNION DEFINED BENEFIT PLAN AND TRUST

Westerly, RI

Westerly Community Credit Union

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CVS HEALTH CORPORATION LEGACY PENSION PLAN

Woonsocket, RI

CVS Health Corporation HR Retirement Benefits

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DURALECTRA INC PENSION PLAN

Woonsocket, RI

Duralectra-Sanford

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MERRIMAC CORP RETIREMENT PLAN

Woonsocket, RI

FIRST REPUBLIC CORPORATION OF AMERICA

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OMNICARE GENERAL PENSION PLAN

Woonsocket, RI

CVS Health Corporation HR Retirement Benefits

 
 

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