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  #551  
Old 08-28-2017, 07:53 AM
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ST JOSEPH HEALTH SERVICES

http://www.golocalprov.com/politics/...phs-pensioners

Quote:
Moore: State Should Rescue St. Joseph’s Pensioners

Imagine the shock and anguish felt by the roughly 3,600 current and future pensioners of St. Joseph Health Services when GoLocal broke the news that the fund had reached a point of insolvency.
These people have made their retirement plans based on the reasonable assumption that their employer would keep their word and make sure that their retirement fund was secure and safe.

Now, according to Steven Del Sesto, the court appointed receiver for the bankruptcy, those retirees could see a 40 percent reduction in their expected retirement benefits--through absolutely no fault of their own. That means the pensioners would receive just 60 percent of what they were planning on receiving.

There are many questions surrounding this story that will need to be answered moving forward. But one thing is certain, the workers who are expecting pensions aren’t to blame in this situation, and they shouldn’t be hung out to dry.

The first question is why the sale of St Joseph's to CharterCARE in 2014 was approved. At the time, Attorney General Peter Kilmartin approved the plan contingent that CharterCARE make a $14 million contribution to the pension fund to bring the fund from 90 percent to fully funded.

Called To Account

Yet just three years later, the pension fund is insolvent and in receivership--despite the fact that the stock market has boomed over that time period. Clearly, something just doesn’t add up. Obviously, there needs to be a forensic audit of the pension system to explain why the numbers ceased to add up and so quickly. Was there a drastic accounting error that took place?

The fund currently has somewhere between $80-90 million, but a shortfall of $43 million. It doesn’t take a pension expert to see that that’s a big problem.

The Roman Catholic Diocese of Providence, which managed the fund before the sale, needs to explain what happened to the fund and why it’s been reduced so quickly. CharterCARE also needs to explain what has happened.

....
How could anyone forget the Central Falls receivership that began in 2010? In that instance, pensioners were slated to receive cuts of roughly 55 percent of their expected benefits. The state stepped up and did the right thing--it kicked in money to allow pensioners to receive 75 percent of what they were expecting.

That’s not ideal by any stretch of the imagination, but it does help. Given that the Central Falls pensioners were aided by state taxpayers and saw their pensions increased up to the 75 percent mark it’s only fair and logical that the state should also help the St. Joseph’s pension beneficiaries also retire with some level of dignity.

At least the commenters know the distinction between public and private penions.
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  #552  
Old 08-28-2017, 04:46 PM
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ST JOSEPH HEALTH SERVICES

http://wpri.com/2017/08/24/ruggerio-...fund-collapse/

Quote:
PROVIDENCE, R.I. (WPRI) – Senate President Dominick Ruggerio on Thursday asked the Rhode Island State Police and Attorney General Peter Kilmartin to investigate why the pension plan that covers current and former Our Lady of Fatima Hospital workers is facing insolvency.

Ruggerio, a Democrat whose North Providence district includes Fatima, made the request in a letter sent to State Police Col. Ann Assumpico and Kilmartin.

“I request your assistance in examining any irregularities, mismanagement or negligence that may have led to the fund being placed in receivership, and whether there was any criminality,” Ruggerio wrote.

The 52-year-old St. Joseph’s Health Services of Rhode Island Retirement Plan, named for Fatima’s former parent company, was placed in receivership last week and is considering benefit cuts of up to 40%. More than 2,700 current and former employees are in the plan.

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  #553  
Old 08-29-2017, 10:15 AM
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FINLAND
DIVESTMENT

https://www.bloomberg.com/news/artic...to-sell-stocks

Quote:
'No President in the U.S.' Leads $53 Billion Fund to Sell Stocks

Finland’s Varma pension fund cuts share of equities, adds cash
Varma reduces duration of fixed-income assets with derivatives
A leadership vacuum in the world’s biggest economy has driven the largest private-sector pension fund in Finland to cut the weight of U.S. stocks in its 45 billion-euro ($53 billion) portfolio.

“It seems as if there is no president in the U.S.,” Risto Murto, chief executive officer of Varma Mutual Pension Insurance Co., said in an interview in Helsinki on Wednesday. “If I look at what is the moral and practical power, there is no longer a traditional president.”

The unorthodox start to Donald Trump’s presidency -- dominated by Twitter outbursts that have included nuclear saber rattling with North Korea and a defense of white nationalist protesters -- has turned the U.S. into a source of global political risk. The legislative program that many investors had hoped would support economic growth looks to have stalled, and Murto says Trump’s apparent inability to work with Congress is particularly worrying, given the global ramifications of decisions made in Washington.

“The lesson from 2008 is that if we have a problem in the U.S., then we all have a problem,” Murto said. He described Trump’s response to demonstrations in Charlottesville as a “breaking point if you look at how business leaders reacted,” retreating from association with the president.


Varma reduced its equity weight by 5 percent in the second quarter, mostly by cutting U.S. stocks. It’s now holding more cash and is ready to jump on opportunities as they arise. The fund has also shortened the duration of its fixed-income investments using derivatives positions to prepare for higher interest rates.

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  #554  
Old 08-30-2017, 01:02 PM
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ST. JOSEPH HEALTH SERVICES

http://www.providencejournal.com/opi...ecting-pension

Quote:
Some 2,700 employees and retirees have discovered that something went horribly wrong after Rhode Island officials approved the sale of St. Joseph Health Services, in Providence, and its parent company in 2014. Their pension plan, which was 90 percent funded at the time, began losing money so fast that it is now on the brink of insolvency. The fund is in receivership, and members face a possible 40-percent cut in benefits.

With no one taking responsibility, Rhode Island Senate President Dominick Ruggerio stepped in last week to call on the attorney general and the state police to investigate what happened. As he wrote in an Aug. 24 letter to Attorney General Peter Kilmartin and State Police Supt. Ann Assumpico: “It is extremely troubling that the fund would fall into receivership so quickly ... during a period of economic growth and record financial markets.”

....
Under the state’s Hospital Conversions Act, the attorney general and the Department of Health are charged with reviewing hospital sales. They are supposed to determine whether the public’s access to health care will be affected, whether the needs of employees are being addressed, and whether the sale or merger will serve the public interest.

Mr. Kilmartin, defending his inaction on the pension aspect of the sale, said last week that the law “is not all encompassing” and “did not grant” his office or the Department of Health the “statutory authority to make sweeping demands” or “oversee or manage private pension funds associated with the healthcare system.”


The law does, however, make reference to employee pension funds. It stipulates the initial review of such sales shall “at minimum” look at more than three dozen elements, including “pension plan descriptions.”

House Speaker Nicholas Mattiello argued last week that the attorney general did indeed have the authority to look at the pension issue and should have brought any concerns to the General Assembly.

Because the St. Joseph plan was founded under the auspices of the Catholic Church, it was outside the scope of a federal law that sets minimum standards for pension plans, with the aim of protecting retirees. That being the case, someone at the state level should have looked into, or asked questions, or expressed concerns about how the plan was going to be funded.

Apparently, no one did. According to the court documents filed by the plan’s overseer, the buyer agreed to make a one-time $14 million contribution to the fund, but no one — neither the buyer nor current employees — was under obligation to contribute more.
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  #555  
Old 08-31-2017, 10:36 AM
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ST JOSEPH HEALTH SERVICES

http://www.golocalprov.com/news/who-...h-pension-fund

Quote:
Who Was Responsible for Protecting the St. Joseph Pension Fund?

It is less than two weeks since the St. Joseph Health Services pension fund filed for bankruptcy, but a GoLocal investigation has unveiled that those empowered to protect the pension fund — elected officials, the Diocese of Providence, board members of various healthcare entities, and paid consultants — did little to properly fund, protect, and salvage the retirement fund for nearly 3,000 present and former employees of the hospital.
Equally disturbing, no one warned the retirees. They learned of the bankruptcy when GoLocal wrote the first story on August 18, 2017.

As early as the mid-2000s, while the pension fund was under the sole control of the Diocese of Providence, the Diocese began to cut back the necessary contributions and in some years made no contribution.

The board of the hospital for decades was a collection of some of Rhode Island’s most powerful. Former Speaker of the House Matt Smith, former Governor Joe Garrahy, former Supreme Court Justice Joseph R. Weisberger, and developer Joe DiStefano all served on the board in the period of time when the hospital was running up huge debts -- and the contributions to the pension were being cut.



Attorney General Peter Kilmartin

The board members were not properly briefed, looked away or failed to understand the gravity of the situation.

In 2009, Our Lady of Fatima and St. Joseph Hospital were merged with Roger Williams Medical Center — creating a bigger, but not much more fiscally viable, healthcare group. In 2014, the hospitals were sold to Prospect of California’s CharterCARE.

Hospital Conversion Act

The sale of all hospitals must be reviewed by two state agencies. The Rhode Island Department of Health has the responsibility to review how the care of patients will be impacted.

The top law enforcement officer of the state of Rhode Island - in the case of this deal, Peter Kilmartin - is statutorily assigned the responsibility of protecting the employees in the transaction. In this case, Kilmartin seems to have failed in that role.

The Attorney General is the backstop, and he failed to review or assess basic financial documents as they related to the pension fund.


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  #556  
Old 09-11-2017, 07:39 PM
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ROYAL MAIL

https://www.ai-cio.com/news/royal-ma...trike-pension/

Quote:
Royal Mail Workers May Strike Over Pension
Union ballots more than 100,000 workers, recommending they endorse industrial action.

The UK’s Communications Workers Union (CWU) is asking more than 100,000 of its members who are employees of postal services provider Royal Mail to vote for industrial action over the company’s plans to replace its defined benefit pension plan.

“After very serious consideration, it is the view of the postal executive that sufficient progress has not been made,” said Terry Pullinger, deputy general secretary postal at CWU, in a video announcement to its members. “Unfortunately, we have not been able to shift the employer on some of the key principled issues.”

Pullinger strongly encouraged the members to vote in support of the proposed industrial action. Royal Mail announced on May 8 that the company’s pension plan will close to future accrual on March 31, 2018.

Under the company’s proposed defined benefit cash balance plan, Royal Mail would make annual cash contributions of around 13.6% of pensionable pay in respect of plan members’ retirement benefits. The company would contribute an additional 2% for other member benefits, including death in service and ill-health cover. Plan members would also have the option of joining a new defined contribution plan, where the company contributions would also be 13.6% of pensionable pay.

....
Royal Mail, which was privatized in 2013, has approximately 90,000 workers in a defined benefit plan, which pays out according to workers’ final salary and length of service. Its closure to new members in 2008 resulted in about 40,000 workers joining a defined contribution plan, according to Reuters.


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  #557  
Old 09-11-2017, 07:40 PM
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BRITISH AIRWAYS

https://www.ai-cio.com/news/british-...-naps-pension/

Quote:
British Airways Announces Proposals to Close NAPS Pension
Closure would protect existing benefits, but unions express “dismay and bitter disappointment.”

In an effort to slow a “significant and growing funding deficit,” British Airways announced proposals to close its main pension, a defined benefit plan known as the New Airways Pension Scheme (NAPS).

While the benefits members had already earned would be protected, employees would no longer continue paying into the plan if the motion passes. The proposals were part of a consultation the airline expects to commence “in the coming weeks.”

According to the BBC, British Airways has put 3.5billion into NAPS since 2003, when it closed to new members, but as of March, the pension was facing a 3.7 billion deficit—the largest of all UK company pension deficits relative to a company’s overall financial value, according to the airline.

“In 2017 alone, the airline will pay 750m in pension contributions and has already committed to provide between 300m and 450m a year until 2027 to address the NAPS deficit,” the airline told the BBC. “If NAPS remained open to future accrual, the cost to the company of providing future benefits to NAPS members could rise to 45% of individuals’ pensionable pay in 2018—more than four times the typical employer contribution of UK airlines.”

NAPS contains roughly 17,000 members. British Airlines’ defined-contribution pension plan, BARP, holds more than 20,000 members.

Unite and GMB issued a joint statement, expressing “on behalf of our members and in the strongest possible terms, both our dismay and bitter disappointment at the news that British Airways has announced its intention to close its main pension scheme,” Unite and GMB said in a joint statement. “Thousands of loyal and long-serving staff, who have helped build British Airways into a world-class flag-carrier for this country and one of the most recognisable global brands, now face uncertainty in their retirement.”
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Old 09-11-2017, 09:00 PM
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http://www.benefitspro.com/2017/09/0...n-plans-carosa

Quote:
Horseshoes, buggy whips, & pension plans: Carosa


....
Something else happened in 1875. That was the year the American Express Company began the first corporate pension plan in the United States (Canada’s Grand Trunk Railway created the first private company pension in North America the year before).

.....
Understanding the true history of pensions may help us understand the reasons behind their ultimate decline (see “The Rise and Demise of Corporate Pension Plans,” FiduciaryNews.com, September 6, 2017). Corporate pensions began in the nineteenth century as our country moved from the agrarian age to the industrial age.

Prior to this shift, preparing for retirement was understood to be a family responsibility. By the early twentieth century, companies assumed this role, hoping to solidify their relationship with their workers.

This somewhat contradicts the popular view of pensions as a perk designed to mollify workers so as to dissuade them from striking or quitting.

Indeed, perhaps we feel this way because, following American Express and Grand Trunk, the B&O Railroad created its own version of the pension. According to Steven A. Sass (The Promise of Private Pensions, the First Hundred Years, Harvard University Press, 1997), “The B&O had offered pensions to win the cooperation of labor as a class and assure the smooth and continuous operation of the enterprise.”

But Sass also says the early twentieth century explosion in pension plans was inspired not by the B&O experience, but by another railroad. As opposed to both Grand Trunk and the B&O, the Pennsylvania Railroad made compulsory retirement the centerpiece and primary objective of its pension plan.

The Pennsylvania Railroad’s example prompted other companies to start their own pension plans. Sass says, “Publicity generated by the Pennsylvania announcement ignited a vigorous pension movement which spanned the first two decades of the twentieth century.”

Thus, in the early years of pension growth, companies used the vehicle not with the intention of providing income upon retirement, but with the clear desire to establish expectations with regard to the parameters of employment.

The pension plan defined the age at which someone must retire and, through its vesting requirements, the maximum age at which someone would be expected to start working at that company. There was therefore an implied trade-off: Lifetime income in exchange for total dedication to the company. Employees would really sell their soul to the company store.

Well, only some employees. Small and medium-sized companies failed to participate in the pension movement. If they grew large enough they did, but, for the most part, both the costs and the risks dissuaded them from adding pensions to their benefits.

For one thing, these smaller firms had younger employees, so the demand for pensions simply did not exist. In addition, since these were newer firms, they hadn’t yet acquired the need for career employees. To emphasize the point, Sass says “just four firms in 1924 – The Pennsylvania and New York Central Railroads, AT&T, and U.S. Steel – employed one-third of all pension plan participants.”

In hindsight, we should have learned the lesson of the pension plan when the Morris Packing Company failed in 1923. Since pensions weren’t guaranteed (they wouldn’t be until ERISA was passed in 1974), when Morris folded, it sold all its assets and stopped making pension payments.

Employees sued, but the courts said they could make no claim against Morris, the plan sponsor. Unfortunately, we would learn this lesson again in 1964 with the collapse of the Studebaker pension (cited by many as the impetus for ERISA).

By the time ERISA was created, however, the national economy had already begun its slow evolution away from the industrial landscape that forged the need for the corporate pension plan (as well as the government-based Social Security program).

Pensions only functioned when workers could count on spending their entire careers at one company. The present gig economy doesn’t allow for that. Young adults today can’t imagine working for the same company for three years let alone thirty years. The demands of the pension system do not meet their lifestyle choice, a choice made possible by our shifting (and advancing) economy.

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Old 09-11-2017, 09:56 PM
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ST. JOSEPH HEALTH SERVICES

http://www.providencejournal.com/new...sion-fund-case


Quote:
Special counsel appointed in St. Joseph Health Services pension fund case


PROVIDENCE, R.I. — A judge on Friday assigned Max Wistow, the lawyer who sued architects of Rhode Island’s 38 Studios deal, to investigate the insolvency of a pension plan for Our Lady of Fatima Hospital employees.

The St. Joseph Health Services of Rhode Island pension was placed in receivership last month after its managers decided it was unable to pay roughly 2,700 potential members their promised retirement benefits.

Superior Court Judge Brian Stern appointed Wistow special counsel Friday to assist receiver Stephen Del Sesto in finding out what happened to the pension and if claims against any of the parties involved could pump additional assets into the fund.

“I am there to determine if there are any institutions that helped cause the shortfall and if there is a methodology to have them put the situation right,” Wistow said in a phone interview Friday afternoon.

....
In addition to appointing Wistow, Stern on Friday ruled that no changes to St. Joseph pensions will be made until at least 2018. Plan managers had requested all beneficiaries receive a 40 percent cut.

Del Sesto: “What you are seeing is the more we look at this and read about it, unfortunately the more questions are raised. Who knew what? When did they know it? Did they disclose it to anybody and did they have an obligation to?”

Senate President Dominick Ruggerio, whose district includes Fatima, has called for a criminal probe of the pension case, but on Friday welcomed the appointment of Wistow on the civil side.


http://www.golocalprov.com/news/will...und-bankruptcy

Quote:
Will Kilmartin Be Sued for Role in St. Joseph’s Pension Fund Bankruptcy?

Get ready for the legal fireworks to begin in the effort to recover funds for retirees of the bankrupt St. Joseph Health Services pension fund. As reported Friday afternoon, receiver Stephan Del Sesto received court approval to tap famed 38 Studios lawyer Max Wistow.
Wistow, known as a tenacious litigator, successfully recovered more than $60 million for the state of Rhode Island in the 38 Studios lawsuits.

Wistow refused to comment on the focus of his efforts on Friday, saying he has only just been appointed, but potentially Del Sesto and Wistow could zero-in on the different healthcare companies who flipped St. Joseph first from being owned by the Diocese of Providence to the then-Roger Williams Medical Center, and then from Roger Williams to CharterCARE.

Attorney General Peter Kilmartin has a key role under Rhode Island’s Hospital Conversion Act and the law is very specific to the responsibilities of Kilmartin and his office, stating, “The department of attorney general [is] to preserve and protect public and charitable assets in reviewing both hospital conversions which involve for-profit corporations and hospital conversions which include only not-for-profit corporations.”

At the time of the agreement in 2014, Kilmartin said, “The transacting parties have worked diligently to provide regulators with the necessary documentation and information throughout this review process to make this decision, a decision I believe is in the best interest of Rhode Island’s healthcare marketplace, the community, the employees, and most importantly, the patients.”

....
Wistow Has Sued Key State Officials Previously
In November of 2012, Wistow filed lawsuits against 14 different individuals and corporations to recover funds from the entities tied to the $75 million given in a guaranteed loan to Curt Schilling’s failed 38 Studios. Not only were Schilling, law firms, and financial consultants sued, but so were two top Rhode Island Economic Development Corporation (EDC) officials.

Keith Stokes, the head of EDC and his number two, Michael Saul were sued individually by Wistow at the direction of the Board of EDC. Stokes was no back bencher. He had been a top aide to Governor Bruce Sundlun, then headed the Newport County Chamber of Commerce before being named to head EDC by then-Governor Donald Carcieri.

At the time, Governor Lincoln Chafee said the EDC Board of Directors had voted unanimously to take legal action. “When it became clear that the company would not survive, I publicly stated my commitment to you that my primary goal would be to do everything within my power to protect the taxpayers of Rhode Island," said Chafee.

....
Court Authorized Subpoena Powers
Subpoenas could be coming in the next few weeks. Judge Stern provided Del Sesto and, therefore, Wistow will subpoena powers. This will expedite the investigation and the effort to recover funds. Presently, the retirees are facing a 40 percent cut to their benefits. The nearly 3,000 in the group have been assured to receive standard -- non-reduced pension payment through February 1, 2018.

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  #560  
Old 09-12-2017, 07:13 AM
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TATA
UNITED KINGDOM

https://finance.yahoo.com/news/tata-...114826746.html

Quote:
Tata Steel UK pension scheme separates from firm

Reuters ReutersSeptember 11, 2017


LONDON (Reuters) - Tata Steel's UK pension scheme has separated from the company after regulators confirmed its pensions deal, the company said on Monday, paving the way for a merger of the European steel assets of India's Tata Steel with those of Germany's Thyssenkrupp.

"The (British Steel Pension Scheme) has now been separated from Tata Steel UK and a number of affiliated companies," Tata Steel UK said in a statement.

The pension scheme has been a major stumbling block in a possible merger between the Indian steelmaker and Thyssenkrupp, because the German company was opposed to taking on 15 billion pounds ($19.82 billion) in UK pension liabilities.

The Pensions Regulator approved a deal last month to separate the Tata Steel UK pension scheme, but allowed 28 days for any objections.

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