Statement of the Diocese of Providence

Regarding the Pension Funds of St. Joseph Health Services

Our hearts go out to those affected by the receivership, and we sincerely hope and
pray that the receiver will be able to provide a significant portion of the hard-earned
benefits of all participants in the St. Joseph Health Services of Rhode Island pension
plan. It should be noted that no action by the Diocese resulted in the filing of this
receivership. The Diocese of Providence is not currently, and has not been,
responsible for the ownership, management, or oversight of the pension funds in
question, and SJHSRI is not a diocesan entity. In fact, it is our understanding that the
acquisition of the hospitals by Prospect/CharterCARE in 2014 left the pension funds
in a very strong position. The Diocese of Providence shares many of the questions
and concerns of those affected by the pension bankruptcy, and we urge all those
involved in the legal proceedings to come to a just and fair resolution of this troubling
situation as quickly as possible.