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Employment Law News
PBGC Protects Pensions at Victory Memorial Hospital
The Pension Benefit Guaranty Corporation (PBGC) today announced it has assumed responsibility for the underfunded pension plan sponsored by Victory Memorial Hospital, Brooklyn, N.Y. The Victory Memorial Hospital Pension Plan, which covers about 1,200 current and former employees and retirees, has been frozen since 1997.
The PBGC stepped in after Victory failed to make legally required minimum funding contributions to the plan, and the agency determined that the plan would be unable to pay benefits when due because of underfunding. The PBGC will pay retirees’ monthly benefit checks without interruption, up to legal limits, and will ensure other plan participants receive benefits when they are eligible to retire.
Victory missed almost $8 million in legally required contributions. The hospital's last contribution was for the 2003 plan year. According to PBGC estimates, the plan is 42 percent funded, with about $20 million in assets to cover nearly $49 million in promised benefits. The agency expects to be liable for the entire $29 million shortfall. Read more at pbgc.gov
About at will employment
In certain states, employers do not have the right to terminate employees "at will" if the termination violates public policy, an implied employment contract, or an implied covenant of good faith and fair dealing.
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Definition:
Easily accomplishable and able to be carried out without much difficulty or expense. In determining whether an action is readily achievable, factors to be considered include nature and cost of the action, overall financial resources and the effect on expenses and resources, legitimate safety requirements, impact on the operation of a site and, if applicable, overall financial resources, size and type of operation of any parent corporation or entity.
Omnibus Crime Control and Safe Streets Act of 1968
Definition:
Recipients of federal funding for law enforcement under the Omnibus Crime Control and Safe Streets Act of 1968, as amended, 42 U.S.C. § 3789d, are prohibited by that statute from discriminating on the basis of race, color, religion, national origin, or sex in any program or activity receiving federal financial assistance.
Vesting
Definition:
Ownership interest in your pension plan benefits and Company matching contributions under the savings program. You have an irrevocable right to a benefit when you are fully vested.
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