St. Joseph’s Pension Fund Bankruptcy Could Be Just One of Many in RI
GoLocalProv News Team
St. Joseph’s Pension Fund Bankruptcy Could Be Just One of Many in RI
These unregulated secret funds, that many Rhode Islanders are counting on for the retirement are, as one top federal regulator told GoLocal, "the wild, wild, west.”
Church Plans Under Scrutiny
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTSo called "church plans" are not regulated by any state or federal regulatory agencies. They are not required to file reports.
According to GoLocal’s investigation into the St. Joseph pension fund bankruptcy, the impending collapse could have been identified years earlier when Rhode Island Attorney General Peter Kilmartin had the chance to flag the pension fund's deficit during the 2014 review of the sale of St. Joseph to CharterCARE.
READ THE LIST OF FEDERALLY INSURED PLANS BELOW - DID YOUR PENSION MAKE THE LIST
His office failed to - or choose not to - identify the massive deficit.
Tax documents filed by the hospital pre-merger, and by the orphaned pension fund post-merger, show that the retirement fund faced a growing deficit — which rose to over $126 million in 2014.
In August, St. Joseph's pension filed for bankruptcy and nearly 3,000 in the pension fund are facing a 40 percent cut to their pension payments.
The Pension Rights Center warns, “Unlike other private pension plans, church plans are not required to maintain set funding levels nor are they required to pay the benefits they have promised their employees. This can leave employees and retirees at risk of losing their pensions because the plan could run out of money.”
According to a 2009 article in the Diocese of Providence’s newspaper, Rhode Island Catholic, the Lay Employees’ Retirement Plan was in distress and the benefits payouts were being cut back.
The then-administrative secretary to the Lay Employees’ fund, J. Timothy Kocab, administrative secretary of the Lay Employees’ Retirement Board said, “The plan’s assets…have declined significantly in value during the past several months.”
In addition, Kocab is quoted as saying, "These are necessary steps in order for us to refocus our resources on strengthening the funding position of the Lay Employees’ Retirement Plan.”
Kocab told Diocesan employees in a letter, "Your employer remains committed to helping you build financial security for your retirement years.”
The Diocese fiscal office refused to answer questions about the St. Joseph pension fund bankruptcy, the Lay Employees’ Retirement Fund, or any other church funds associated with the Diocese of Providence.
According to the Diocese’s website, the fiscal office was “established in 1973 to assist the Roman Catholic Bishop of Providence and related Diocesan Corporations in their administration of the temporal resources of the Church, the Fiscal Office operates in a multi-corporate environment and is responsible for the day to day activity of some 30 separate internal corporations.”
Lack of Public Disclosure
How many church fund retirement plans exist in Rhode Island is unknown. The office material states, "[The Diocese] is responsible for the direct coordination, administration, enrollment and billing processes for more than 3,600 Lay Employees and 270 Active/Retired Priests for the following Diocesan sponsored benefit programs."
Phone calls, emails, and social media information requests were not responded to by five different Diocese employees including Bishop Thomas Tobin. The refusal to answer questions stands in stark contrast to years of responsiveness to media calls by the Diocese to GoLocal.
Most pensions of private-sector workers and retirees are protected by the Pension Benefit Guaranty Corporation (PBGC).
When pension plans fail, the PBGC guarantees that “subject to certain limits, those who are already retired will continue to receive their pension payments and current employees will receive the benefits that they had earned as of the plan’s termination date.”
Church pension plans are not protected by PBGC.
List of RI Active Single-Employer Pensions Plans Insured by Federal PBGC Insurance
SPARKS COMPANY INC. CASH BALANCE PLAN
Adamsville, RI
Sparks Company Inc.
THE AUBER GROUP LLC DEFINED BENEFIT PLAN
BARRINGTON, RI
THE AUBER GROUP LLC
RICHARD SCHULTZ PHOTOGRAPHY CASH BALANCE PLAN
Barrington, RI
Richard Schultz Photography
TRIANGLE WIRE & CABLE INC PENSION PLAN FOR HOURLY EMPLOYEES
Barrington, RI
Ocean View Capital Inc
HTW INC. DEFINED BENEFIT PENSION PLAN
CRANSTON, RI
HTW INC.
MCLAUGHLIN & MORAN INC. UNION EMPLOYEES SUPPLEMENTAL RETIREMENT PLAN
CRANSTON, RI
MCLAUGHLIN & MORAN INC.
RAFFA YOGA CASH BALANCE PLAN
CRANSTON, RI
RAFFA YOGA WORKSHOPS LLC
ROSSI ELECTRIC CO. INC. DEFINED BENEFIT PLAN
CRANSTON, RI
ROSSI ELECTRIC CO. INC.
MOSHASSUCK CEMETERY CORPORATION PENSION PLAN
Central Falls, RI
Moshassuck Cemetery Corporation
RIDE INC. DEFINED BENEFIT PLAN
Coventry, RI
RIDE INC.
COASTWAY COMMUNITY BANK DEFINED BENEFIT PLAN
Cranston, RI
COASTWAY COMMUNITY BANK
GENERAL EMPLOYEES RETIREMENT PLAN
Cranston, RI
Cranston Print Works Company
JEWELRY CONCEPTS INC. PENSION PLAN
Cranston, RI
Jewelry Concepts Inc.
OMEGA FINANCIAL CORP. CASH BALANCE PLAN
Cranston, RI
Omega Financial Corp.
CHELSEA INDUSTRIES INC. RETIREMENT PLAN
Cumberland, RI
Chelsea Industries Inc.
THE SHUSTER GROUP LLC CASH BALANCE PLAN
Cumberland, RI
The Shuster Group LLC
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.
BENNYS RETIREMENT PLAN
Esmond, RI
BENNYS INC.
THOMAS J. BOTTONE JR. RETIREMENT PLAN
Hope, RI
Thomas J. Bottone Jr.
FACTORY MUTUAL INSURANCE COMPANY PENSION PLAN
JOHNSTON, RI
FACTORY MUTUAL INSURANCE COMPANY
INTERBUILD INC. DEFINED BENEFIT PLAN
LINCOLN, RI
INTERBUILD INC.
RI TOOL CO. & UNITED STEEL WRKS OF AM. AFL-CIO 1530
LINCOLN, RI
GREYSTONE INC.
AMICA PENSION FUND
Lincoln, RI
AMICA MUTUAL INSURANCE COMPANY
RHODE ISLAND NURSERIES INC RETIREMENT PLAN
Middletown, RI
RHODE ISLAND NURSERIES INC
THE PEOPLES CREDIT UNION DEFINED BENEFIT PLAN AND TRUST
Middletown, RI
The Peoples Credit Union
E.A. SHERMAN PUBLISHING CO. DEFINED BENEFIT PENSION PLAN
Newport, RI
E.A. Sherman Publishing Company
THE EPPLEY LABORATORY INC RETIREMENT PLAN
Newport, RI
THE EPPLEY LABORATORY INC
THE SPOUTING ROCK BEACH ASSOCIATION RETIREMENT PLAN
Newport, RI
SPOUTING ROCK BEACH ASSOCIATION
J. GOODISON COMPANY CASH BALANCE PENSION PLAN
North Kingstown, RI
J. Goodison Company
RECRUE MEDIA LLC PENSION PLAN
North Kingstown, RI
Recrue Media LLC
BENEFIT AUTO SERVICE CORP. PENSION PLAN
PAWTUCKET, RI
BENEFIT AUTO SERVICE CORP.
PASCOAG UTILITY DISTRICT DEFINED BENEFIT PENSION PLAN
Pascoag, RI
Pascoag Utility District
COOLEY INCORPORATED PENSION PLAN FOR HOURLY EMPLOYEES
Pawtucket, RI
COOLEY INCORPORATED
FAST CASH PAWN AND CHECKCASHERS INC. DB PLAN AND TRUST
Pawtucket, RI
Fast Cash Pawn and Checkcashers Inc.
HASBRO INC. PENSION PLAN
Pawtucket, RI
Hasbro Inc.
NEPTCO INCORPORATED PENSION PLAN
Pawtucket, RI
NEPTCO INCORPORATED
PAWTUCKET MUTUAL INSURANCE CO DEFINED BENEFIT PENSION PLAN AND TRUST
Pawtucket, RI
PAWTUCKET INSURANCE COMPANY
THE MEMORIAL HOSPITAL DEFINED BENEFIT PENSION PLAN AND TRUST
Pawtucket, RI
Memorial Hospital of Rhode Island
THE TEKNOR APEX COMPANY RETIREMENT PLAN
Pawtucket, RI
Teknor Apex Company
TRUEX INCORPORATED RETIREMENT PLAN
Pawtucket, RI
Truex Incorporated
WEINBERG GLASS LTD. DEFINED BENEFIT PLAN
Pawtucket, RI
Weinberg Glass Ltd.
MICHELE S. FOSTER ARCHITECT PENSION PLAN
Portsmouth, RI
Michele S. Foster Architect
UNITED FOOD & COMMERCIAL WORKERS UNION LOCAL 328 DEFINED BENEFIT PEN PLN & TRST
PROVIDENCE, RI
UNITED FOOD & COMMERCIAL WORKERS UNION LOCAL 328 AFL-CIO
BELL HELICOPTER TEXTRON MASTER RETIREMENT PLAN
Providence, RI
Textron Inc.
CARE NEW ENGLAND PENSION PLAN
Providence, RI
Care New England
CHISHOLM CHISHOLM & KILPATRICK CASH BALANCE PLAN
Providence, RI
Chisholm Chisholm & Kilpatrick Ltd.
CWC CASTINGS DIVISION OF TEXTRON INC. HOURLY-RATED EMPLOYEES PENSION PLAN
Providence, RI
Textron Inc.
E.F. ODONNELL & SONS INC. PENSION PLAN
Providence, RI
E.F.ODonnell & Sons Inc.
HOPE CLUB RETIREMENT PLAN
Providence, RI
HOPE CLUB
LIFESPAN CORPORATION RETIREMENT PLAN
Providence, RI
Lifespan Corporation
MARC ALLEN INC. DEFINED BENEFIT PENSION PLAN
Providence, RI
Marc Allen Inc.
NEPC CASH BALANCE PLAN
Providence, RI
N.E. Private Client Advisors LTD
NORTEK INC RETIREMENT PLAN
Providence, RI
NORTEK INC
PROVIDENCE AUTO BODY INC. DEFINED BENEFIT PENSION PLAN
Providence, RI
Providence Auto Body Inc.
PROVIDENCE COLLEGE PENSION PLAN
Providence, RI
PROVIDENCE COLLEGE
PROVIDENCE PUBLIC LIBRARY RETIREMENT PLAN
Providence, RI
PROVIDENCE PUBLIC LIBRARY
RHODE ISLAND CREDIT UNION RETIREMENT PENSION PLAN
Providence,RI
Rhode Island Credit Union
RIPARIAN PARTNERS LLC CASH BALANCE PLAN
Providence, RI
Riparian Partners LLC
TEXTRON MASTER RETIREMENT PLAN
Providence, RI
Textron Inc.
WESTMINSTER EYE CARE CASH BALANCE PLAN
Providence, RI
Westminster Eye Care Associates Inc.
CFG PENSION PLAN
Riverside,RI
Citizens Financial Group Inc.
NATIONAL LAMINATING INC. DEFINED BENEFIT PLAN
Riverside, RI
National Laminating Inc.
NEW ENGLAND CONSTRUCTION COMPANY INC. CASH BALANCE PENSION PLAN AND TRUST
Rumford, RI
New England Construction Company
A. T. CROSS COMPANY PENSION PLAN
Smithfield, RI
A. T. Cross Company
ALCOR SCIENTIFIC INC. CASH BALANCE PLAN
Smithfield, RI
ALCOR Scientific Inc.
GROOV-PIN CORPORATION EMPLOYEES PENSION PLAN
Smithfield, RI
Groov-Pin Corporation
NAVIGANT CREDIT UNION DEFINED BENEFIT PENSION PLAN AND TRUST
Smithfield, RI
Navigant Credit Union
UNCLE SAMS GLASS AND DOOR INC DEFINED BENEFIT PENSION PLAN
Smithfield, RI
Uncle Sams Glass And Door Inc
ROBERT BAXTER ASSOCIATES INC. CASH BALANCE PLAN
WARWICK, RI
ROBERT BAXTER ASSOCIATES INC.
W.F. SHEA DEFINED BENEFIT PENSION PLAN
WARWICK, RI
W.F. SHEA & CO. INC.
EMPLOYEE BENEFITS PLAN OF BIG BROTHERS OF RI INC
Wakefield, RI
Big Brothers of Rhode Island Inc.
SOUTH COUNTY HOSPITAL RETIREMENT PLAN
Wakefield, RI
South County Hospital
A T WALL COMPANY DEFINED BENEFIT PENSION PLAN
Warwck, RI
A T WALL COMPANY
AHLBORG CONSTRUCTION CASH BALANCE PLAN
Warwick, RI
Ahlborg Construction
EMPLOYEE BENEFIT PLAN OF KENT COUNTY VISITING NURSE ASSOCIATION
Warwick, RI
Kent County Visiting Nurses Association
KINETEKS LLC CASH BALANCE PLAN
Warwick, RI
Kineteks LLC
PROVIDENCE WASHINGTON INSURANCE COMPANY EMPLOYEES PENSION PLAN
Warwick, RI
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
THE MOORE COMPANY FOUR PERCENT PLAN
Westerly, RI
The Moore Company
THE WASHINGTON TRUST COMPANY PENSION PLAN
Westerly, RI
The Washington Trust Company
WESTERLY COMMUNITY CREDIT UNION DEFINED BENEFIT PLAN AND TRUST
Westerly, RI
Westerly Community Credit Union
CVS HEALTH CORPORATION LEGACY PENSION PLAN
Woonsocket, RI
CVS Health Corporation HR Retirement Benefits
DURALECTRA INC PENSION PLAN
Woonsocket, RI
Duralectra-Sanford
MERRIMAC CORP RETIREMENT PLAN
Woonsocket, RI
FIRST REPUBLIC CORPORATION OF AMERICA
OMNICARE GENERAL PENSION PLAN
Woonsocket, RI
CVS Health Corporation HR Retirement Benefits