The Pension Benefit Guarantee Corp. will pay the retirement benefits of more than 1,400 current and future retirees of Interfaith Medical Center, a 287-bed hospital in Brooklyn, N.Y.
The news Thursday comes amid a brewing battle on Capital Hill that pits PBGC against a coalition of private defined benefit plan sponsors and trade associations resisting proposed increases to the premiums they pay to guarantee pensions.
Interfaith Medical sought Chapter 11 protection on Dec. 2, 2012. The hospital sponsored two defined benefit plans for its workers, its Health Services Retirement Plan and Interfaith Medical Center Nurses Pension Plan.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
