PBGC Reverses Prior Position as It Agrees To Pay Benefits for Shuttered Hospital’s Plan
The Pension Benefit Guaranty Corporation announced May 10 that, in a reversal of a prior position, it would pay the pension benefits for more than 800 former employees of a New Jersey hospital center that closed in 2004.
Government Agencies Restore Protections to Hospital Retirees’ Pensions
“Church plan” designation for pension plan revoked in unprecedented action WASHINGTON — After a 10-year struggle, hundreds of former workers and retirees from the Hospital Center at Orange (HCO) once again have federal protections for their pensions. In an unprecedented move, the Internal Revenue Service (IRS) has reversed its 2003 decision to grant HCO’s pension […]