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Benefits October 13, 2009
KY County Hospital to Switch from 401(k) to 403(b)
October 13, 2009 (PLANSPONSOR.com) - Trigg County
(Kentucky) Hospital's 150 employees were informed last month
that their 401(k) plan will be replaced with a 403(b) plan
starting in January, according to local newspaper The Cadiz
Record.
Reported by
Rebecca Moore
The switch was announced as part of an overall expense reduction plan. Hospital CEO Alisa Coleman has not responded to a PLANSPONSOR inquiry into the specific reasons for the move.
In addition to the retirement plan change, all employees, including Coleman, are required to give up one paid vacation day per year and had their salaries frozen as of October 1. The expense reduction plan will save the hospital approximately $50,000 a month, Coleman said, according to the news report.