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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:
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.
Mentoring
Definition:
Is an educational process where the mentor serves as a role model, trusted counselor or teacher who provides opportunities for professional development, growth and support to less experienced individuals in career planning or employment settings. Individuals receive information, encouragement and advice as they plan their careers.
Master agreements
Definition:
A contract between the employer and the exclusive bargaining representative. For collective bargaining, the employer is represented by the governor or the governor's designee. The LRO will negotiate contracts with each union that represents more than 500 employees.
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