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Employment Law News
PBGC Protects Pensions at Victory Memorial Hospital
The Pension Benefit Guaranty Corporation (PBGC) today announced it has assumed responsibility for the underfunded pension plan sponsored by Victory Memorial Hospital, Brooklyn, N.Y. The Victory Memorial Hospital Pension Plan, which covers about 1,200 current and former employees and retirees, has been frozen since 1997.
The PBGC stepped in after Victory failed to make legally required minimum funding contributions to the plan, and the agency determined that the plan would be unable to pay benefits when due because of underfunding. The PBGC will pay retirees’ monthly benefit checks without interruption, up to legal limits, and will ensure other plan participants receive benefits when they are eligible to retire.
Victory missed almost $8 million in legally required contributions. The hospital's last contribution was for the 2003 plan year. According to PBGC estimates, the plan is 42 percent funded, with about $20 million in assets to cover nearly $49 million in promised benefits. The agency expects to be liable for the entire $29 million shortfall. Read more at pbgc.gov
About Wrongful Termination employment
Wrongful termination is a term that generally refers to a person being fired illegally. Many terminations that people think of as "wrongful" aren't illegal. In most states, employment is "at will". This means that the employer can fire the employee for no reason or any reason. However, there are two main reasons why a termination may be illegal- discrimination and contracts.
Newsroom
Latest news about Employment cases in Nebraska and nationwide:
EEOC Examines Job Bias Laws
The U.S. Equal Employment Opportunity Commission (EEOC) examined perspectives on work/family balance and the intersection with the federal anti-dis... Read more >
The Employment Situation: August 2006
Total non farm payroll employment increased by 128,000 in August, and the unemployment rate was little changed at 4.7 percent, the Bureau of Labor ... Read more >
Definition:
A person who has a physical or mental impairment that substantially limits one or more of that person’s major life activities, has a record of such impairment, or who is regarded as having such an impairment.
Affirmative Action
Definition:
Positive action to accomplish the purpose of a program designed to increase the employment opportunities of certain groups. It may involve goals, timetables, or specifically outlined steps to be undertaken to assure that objectives are reached.
Alternate Dispute Resolution (ADR)
Definition:
A variety of procedures for the resolution of disputes. Each ADR procedure is a fair and efficient alternative to court adjudication that must be entered into voluntarily by all parties.
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