Pension fund receiver withdraws 40 percent cut proposal - ABC6 - Providence, RI and New Bedford, MA News, Weather

Pension fund receiver withdraws 40 percent cut proposal

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PROVIDENCE, R.I. (AP) - A court-appointed receiver for a severely underfunded hospital pension fund has withdrawn his proposal to cut 40 percent of pension benefits for all current and former employees.

Rhode Island Public Radio reports that Stephen DelSesto on Wednesday told a superior court judge he needed to discuss the reductions with lawyers representing beneficiaries of the fund for about 2,700 current and former workers of St. Joseph's and Our Lady of Fatima hospitals.

The pension fund was placed in receivership in August.

Around 100 people picketed outside Providence Superior Court and the Diocese of Providence on Wednesday. They said the diocese is partly to blame. The diocese says it didn't create the problem and isn't able to resolve it.

Senate President Dominick Ruggerio has called for an investigation.

Information from: RIPR-FM, http://www.wrni.org/

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