PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in private sector defined benefit plans - the kind that typically pay a set monthly amount at retirement. If your pension plan is insured by PBGC and it ends without sufficient money to pay all benefits, PBGC's insurance program will pay you the benefit provided by your pension plan up to the limits set by law.
PBGC operations are financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans.
Yes. The St. Joseph Health Services of Rhode Island Retirement Plan is covered under Title IV of ERISA.
Yes. PBGC is taking steps to assume responsibility for the pension plan. PBGC is taking this action because the plan meets the criteria for plan termination and because the plan does not have enough money to pay all promised benefits.
Retirees will continue to receive benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.
Steven Del Sesto, Receiver of the St. Joseph Health Services of Rhode Island Retirement Plan
Pierce Atwood LLP
One Citizens Plaza
10th Floor
Providence, RI 02903
(401) 490-3436
stjosephretirementplan@pierceatwood.com
PBGC is working with the court-appointed receiver to execute a PBGC trusteeship agreement, at which point PBGC will become responsible for the plan and will pay the pension benefits earned by the St. Joseph Pension Plan’s current and future retirees up to the legal limits. Until that trusteeship agreement is executed, plan participants should continue to contact the receiver with any benefits-related questions.