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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
There are laws about missed days and injury pay claims at your employment place
By law, you must be unable to work for seven days (including weekends and holidays) before you are eligible for temporary disability benefits. Benefits are retroactive to the first day. The seven days need not be consecutive. Please note that there is no similar waiting period to receive medical benefits or permanent disability benefits. Those benefits are due, if warranted, regardless of the number of lost workdays.
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Latest news about Employment cases in Virginia 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 >
Definition:
Nondiscrimination in hiring, firing, compensation, promotion, recruitment, training, and other terms and conditions of employment regardless of race, color, sex, age, religion, national origin or disability.
Mentoring
Definition:
Is an educational process where the mentor serves as a role model, trusted counselor or teacher who provides opportunities for professional development, growth and support to less experienced individuals in career planning or employment settings. Individuals receive information, encouragement and advice as they plan their careers.
Undue Hardship
Definition:
With respect to the provision of an accommodation, significant difficulty or expense incurred by a covered entity, when considered in light of certain factors. These factors include the nature and cost of the accommodation in relation to the size, resources, nature, and structure of the employer's operation.
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