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8/24/2017 President Ruggerio calls for investigation into pension fund
STATE HOUSE, Providence – President of the Senate Dominick J. Ruggerio today called for an investigation into how the pension fund that serves nurses at Fatima Hospital and the former St. Joseph’s Hospital fell from 90 percent funded to receivership so quickly.
 
In a letter hand delivered to the offices of Attorney General Peter Kilmartin and State Police Colonel Ann Assumpico, President Ruggerio stated: “I am writing to you today to request that you utilize the authority vested in your respective offices to open an investigation into the pension fund that serves nurses at Our Lady of Fatima Hospital and the former St. Joseph’s Hospital.”
 
He noted, “Many of the more than 2,700 participants in this private plan are my constituents.”
 
“According to news accounts,” the letter states, “the defined benefit plan serving these nurses was 90 percent funded upon its sale just a few short years ago. It is extremely troubling that the fund would fall into receivership so quickly, and during a period of economic growth and record financial markets. I am concerned that a seemingly healthy pension fund has failed so suddenly.”
 
The letter concluded, “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. I appreciate your prompt action on this matter.”
 


For more information, contact:
Greg Pare, Press Secretary for the Senate
State House Room 314
Providence, RI 02903
(401) 276-5558