RHODE ISLAND
GoLocalProv
Monday, August 28, 2017
GoLocal News Team
The pension fund of St. Joseph Health Services was underfunded by the Diocese of Providence for many years prior to the sale of the hospital to CharterCARE in 2014, GoLocalProv has learned.
The Diocese of Providence failed to make proper contributions – and retirees were never told of the shortfalls. While records are incomplete, it is clear that between 2008 and time of the sale of the hospital in 2014, the Diocese repeatedly underfunded retirement payments or made no payment, according to Stephen Del Sesto, the court-appointed receiver.
It is unclear how many years before 2008 the failure to make payments and partial payments goes back. Repeated efforts to reach the Diocese for comment have gone unanswered.
The bankruptcy of the pension fund impacts 2,800 and is the largest failure in Rhode Island history. The pension fund has a deficit of more than $160 million.
“The Catholic Church and Diocese of Providence should be ashamed of themselves,” said former Rhode Island Attorney General Arlene Violet in an interview with GoLocal Sunday night.
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