Treasurer Magaziner released the following statement on the St. Joseph's pension fund settlement finalized this afternoon:

"I'm pleased to hear the positive news that CharterCARE and other defendants have agreed to help make St. Joseph's Hospital and Fatima Hospital retirees whole again after mismanagement allowed their retirement system to become underfunded. While we are still reviewing the specifics of this settlement agreement, this is positive news for these workers. All Rhode Islanders deserve retirement security, particularly health care retirees who have spent their careers caring for others."

Treasurer Magaziner prioritizes retirement security for all Rhode Islanders, and he has been an outspoken advocate about the need to make St. Joseph's retirees whole. He wrote legislation that passed in 2019 to strengthen transparency requirements for church-run pension plans like this one to ensure situations like this never occur again in Rhode Island.

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Contact: Rosie Hilmer, Communications Director (401) 439-2199| rosie.hilmer@treasury.ri.gov