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Benefits October 14, 2014
Cincinnati-Area Hospital System Freezes Pensions
October 14, 2014 (PLANSPONSOR.com) – TriHealth, which operates four hospitals in the Cincinnati area, decided to freeze defined benefit (DB) pension plans for employees.
Reported by PLANSPONSOR staff
According to the Cincinnati Business Courier, employees were informed in a letter that, as of January 1, 2015, TriHealth will freeze pension contributions to the TriHealth Inc. Retirement Plan, the Good Samaritan Retirement Plan and the Bethesda Retirement Plan.
However, also effective January 1, the health system will increase its employer contributions to 401(k) retirement savings plans. TriHealth will match employee contributions 100% up to the first 1% of eligible pay plus 50% on the next 5% employees put into a 401(k).
With 11,560 employees, TriHealth is the fifth-largest employer in Greater Cincinnati.
“As the health care industry changes, we must continue to adjust our plans to be more consistent with benefit practices in our industry and remain competitive,” said Walter McLarty, chief human resources (HR) officer for the health system, according to the news report.
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