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.
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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.  

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In total, PBGC contributed more than $550 million to Ohio’s economy through benefit payments during 2010.

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