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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 Wrongful Termination employment
Wrongful termination is a term that generally refers to a person being fired illegally. Many terminations that people think of as "wrongful" aren't illegal. In most states, employment is "at will". This means that the employer can fire the employee for no reason or any reason. However, there are two main reasons why a termination may be illegal- discrimination and contracts.
Newsroom
Latest news about Employment cases in Louisiana and nationwide:
Injured workers underpaid
January 19, 2004
By Andy Furillo -- Bee Staff Writer
California workers injured on the job have been underpaid by hundreds of mill... Read more >
Definition:
Defined by the U.S. Bureau of Labor Statistics as employment of 35 hours or more in a week.
Affirmative Action
Definition:
Positive action to accomplish the purpose of a program designed to increase the employment opportunities of certain groups. It may involve goals, timetables, or specifically outlined steps to be undertaken to assure that objectives are reached.
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.
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