The Pension Benefit Guaranty Corporation is taking steps to assume responsibility for the St. Joseph Health Services of Rhode Island Retirement Plan, the agency announced Tuesday.
The plan covers 2,500 participants and is estimated to be 35% funded with approximately $47 million in assets and about $135 million in benefit liabilities. The plan is underfunded by $88 million.
The PBGC said the sponsor of the plan, St. Joseph Health Services of Rhode Island, sold substantially all its operating assets in 2014, and in 2017, the St. Joseph Pension Plan was placed into state court receivership.
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