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Compliance February 28, 2011
PBGC Takes on Pension of Ohio Hospital
February 28, 2011 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation (PBGC) will pay the pensions of almost 7,000 workers and retirees of Forum Health, a hospital in Youngstown, Ohio.
Reported by
Rebecca Moore
PBGC said it stepped in because the hospital has gone out of business.
According to a press release, in Ohio’s 17th Congressional District, where Forum Health is located, the PBGC paid more than $115 million in pension benefits to over 13,000 residents last year. The agency also expects to send checks to another 6,000 residents upon retirement age.
In total, PBGC contributed more than $550 million to Ohio’s economy through benefit payments during 2010.