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"The [DB] plan for nurses at Our Lady of Fatima Hospital and the former St. Joseph's Hospital was placed in temporary receivership last week after fund actuaries said it faced insolvency just three years after the hospitals were sold to a California-based for-profit company. The plan is 'severely underfunded and requires additional capital of over $43 million to reach a 100-percent funding level,' St. Joseph Health Services of Rhode Island Inc. wrote in a petition asking the court to appoint a receiver and approve a 40-percent across the board reduction in benefits to pension recipients.... According to the receivership petition, the plan is expected to lose religious exemption and begin owing PBGC premium payments in 2018."
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