United Nurses and Allied Professionals Statement on Bankruptcy of St. Joseph’s Retirement Fund
Friday, August 18, 2017
“We are deeply troubled by the potential impact this receivership may have on our members and their families who, for years, have been told they would be able to rely on this fund when they needed it the most.”
The UNAP intends to be centrally involved in the receivership process and looks forward to working with the court-appointed receiver to preserve the benefits of its members.
This receivership raises a number of serious questions regarding how the fund was managed.
We expect the Roman Catholic Diocese of Providence to be transparent about how the fund has been bled and left with a $43 million shortfall and what they plan to do to about it. There is a moral obligation to act soon so that people may retire with dignity and the financial stability the plan was supposed to provide.
Prospect CharterCARE is going to have to answer some tough questions as well. Three years ago, the company represented publicly that a $14 million contribution on their part would bring the funding level up to approximately 90 percent. But something doesn’t add up here."
UNAP represents approximately 650 registered nurses, ancillary and support staff working at Our Lady of Fatima Hospital, which is part of the Prospect CharterCARE network in Rhode Island. Fatima employees and retirees are part of the St. Joseph’s Health Services of RI Retirement Plan.
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