Hospital Switches to 403(b) for New Employees

January 31, 2012 (PLANSPONSOR.com) - Cooley Dickinson Hospital and the Massachusetts Nurses Association have reached a tentative agreement on a three-year contract covering 300 nurses.

Under terms of the pact, nurses hired after the ratification date will be able to participate in the hospital’s 403(b) retirement plan but not the current defined benefit pension plan, reports the Daily Hampshire Gazette.  

Nurses now employed in the bargaining unit will have until June 30 to choose whether to stay with the existing pension plan or move to the 403(b) plan.  

“Though the union was pleased that it was able to preserve existing vacation and sick time packages, it did have to compromise on the pensions,” said Sue Surgen, chairwoman of the CDH/MNA Nurses Committee, according to the news report.

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