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Elorza's pension proposal relies on a risky approach and an adviser linked with 38 Studios

Elorza s pension proposal relies on a risky approach and an adviser linked with 38 Studios
Published Tue Jun 01 2021 07:20:57 GMT+0000 (Coordinated Universal Time)
The underfunded pension system in Providence is like a time bomb. That’s because the huge shortfall for long-term obligations threatens to overwhelm other parts of the city’s budget. But there are a lot of questions about Providence Mayor Jorge Elorza’s latest proposed fix. Rhode Island’s House Finance Committee is expected to hold an initial hearing on Elorza’s plan this week or next week.
by Ian Donnis
Providence’s pension crisis has its roots in the late 1980s. That’s when the city’s Retirement Board approved unusually generous compounded cost of living adjustments for more than 2,500 city workers and retirees. Decades later, that move helps explain why there’s a $1.2 billion gap between the pension balance and the amount owed to current and future retirees. ....

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Hospital owner to pay $27M settlement in unfunded pension settlement

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. ....

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GoLocalProv | WSJ Raises Questions About CharterCARE's Parent Co. Finances, Battle Heats Up in RI

Battle over the hospital conversion of CharterCARE is emerging
In 2017, GoLocal unveiled the collapse of the pension fund of St. Joseph Hospital and since then, there have been three-plus years of litigation to recover assets from a host of business entities including the parent company of CharterCARE, Prospect Medical Holdings, and the Diocese of Providence.
Now, a financing structure by Prospect and the private equity firm Leonard Green which has a majority stake in the hospital group is drawing the attention of regulators and the media.
The Rhode Island Office of the Attorney General and the Rhode Island Department of Health have received the initial applications for a hospital conversion filed by a plethora of corporate entities tied to the change in control a change that could mean millions in payouts for Prospect executives and its pension funds the intertwined entities include Chamber Inc.; Ivy Holdings Inc.; Ivy Intermediate Holdings, Inc.; Prospect Med ....

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