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Union asks Catholics to withhold donations until Providence Diocese "fulfills their moral and financial obligation" to retirees of St. Joseph and Fatima Hospitals.
The company that owns Fatima Hospital and Roger Williams Medical Center has agreed to pay $27.25 million to the insolvent St. Joseph s pension plan to settle a lawsuit.
Prospect Medical Holdings, the California-based company that bought a controlling stake in CharterCARE Health Partners in 2014, will receive the remaining 15% minority stake in the hospital s assets.
Angell Pension Group, the Providence firm that administered the pension fund, will pay $2.75 million to resolve the claims against it.
The settlement must still be approved by both federal and state courts.
The St. Joseph pension, which funds the retirement benefits of about 2,700 current and retired employees at Fatima and the former St. Joseph Hospital in Providence, was put into receivership in 2017 after administrators said they would need to slash benefits by 40% to keep it from running out of money.
Settlement reached between Prospect Medical Holdings and St. Joseph Pension Fund
PROSPECT MEDICAL HOLDINGS has reached a settlement agreement that would end litigation related to the St. Joseph Health Services of Rhode Island Retirement Plan. PROVIDENCE – Prospect Medical Holdings Inc. on Tuesday announced that it had reached a settlement with St. Joseph Pension Fund to purchase the remaining 15% minority interest in Prospect s Rhode Island hospitals held by CharterCARE Community Board. The agreement includes a $27.25 million payment and resolves litigation related to the pension fund provided by the…
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