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$30 Million Settlement Reached in Lawsuit Over DB Plan Funding


$30 Million Settlement Reached in Lawsuit Over DB Plan Funding
The case concerns the St. Joseph Health Services of Rhode Island Retirement Plan, which the lawsuit says failed to be a church plan under ERISA.
A settlement has been reached in litigation claiming that the St. Joseph Health Services of Rhode Island Retirement Plan had not been adequately funded.
Plaintiff Stephen Del Soto, in his capacity as receiver for and administrator of the plan, appointed by the Rhode Island Superior Court, filed the lawsuit on behalf of the plan and its participants. He alleged that, at some point, the retirement plan failed to be a “church plan” as defined by the Employee Retirement Income Security Act (ERISA), and entities administering or associated with the plan hid this to keep from adhering to ERISA funding rules. ....

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