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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
Second Injury Fund benefits may be available durring employment
However, after the first 450 weeks of benefits for total and permanent disability, wages from employment will be used to reduce your benefit amount. The reduction is based upon the percentage that your current earnings bear to those at the time of your being declared totally and permanently disabled.
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Definition:
A variety of procedures for the resolution of disputes. Each ADR procedure is a fair and efficient alternative to court adjudication that must be entered into voluntarily by all parties.
Executive Order 11246
Definition:
Executive Order 11246, as amended, prohibits discrimination in employment by contractors with the federal government on the basis of race, color, sex, religion, or national origin. The Office of Federal Contract Compliance Programs (OFCCP) of the U.S. Department of Labor is the federal agency responsible for investigating individual charges of discrimination under Executive Order 11246.
Full Time Employment
Definition:
Defined by the U.S. Bureau of Labor Statistics as employment of 35 hours or more in a week.
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