RHODE ISLAND
GoLocalProv
Saturday, August 19, 2017
GoLocal News Team
The bankruptcy of St. Joseph Health Services pension fund will hit between 3,600 and 3,800 existing or future pensioners — and the loss of pension payments may be 40 percent, according to the court appointed receiver Steven Del Sesto, a partner at Donoghue Barrett & Singal. But, DelSesto said the plan for winding down the pension fund is only in the preliminary phase.
The loss of benefits and the total number of beneficiaries impacted may both be records for Rhode Island. The now pending plan before the court, the draft documents would treat all existing and future retirees the same and both classes would take a 40 percent cut to their existing and future benefits, according to court documents. That plan is not final said DelSesto in an interview with GoLocal on Friday afternoon.
Del Sesto was appointed by the court late Thursday afternoon and is yet to talk to many of the players in the collapse. He is scheduled to talk to the Attorney General’s office on Monday.
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