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 took responsibility as trustee of the St. Joseph Health Services of Rhode Island Retirement Plan as of January 13, 2025. PBGC took 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.
No. PBGC has taken responsibility as trustee of the St. Joseph Health Services of Rhode Island Retirement Plan, which is a single-employer plan. PBGC’s Single-Employer program does not receive general tax revenues. Funding comes from (1) insurance premiums paid by companies whose plans we protect; (2) investments; (3) assets of pension plans that we take over as trustee; and (4) recoveries from the companies formerly responsible for the plans.
If you have specific questions that the website doesn’t cover, you can contact PBGC’s Customer Contact Center at (800) 400-7242.