RI Pension Plan Files for Receivership

GoLocalProv is reporting that the St. Joseph Health Services of Rhode Islandpension fund has filed for receivership — the filing puts thousands ofpensions at risk.This is one of the largest pension failures in Rhode Island in recenthistory. It will take months to determine the total financial impact on thepensioners.What hasn't been reported is the curent funded status of the plan (liabilities minus assets) or what lead to the funding crisis.  Unfortuantely, we will likely see more of these actions, especially if the US equity market begins to crack.