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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 Phoenix and nationwide:
The Employment Situation: June 2006
Nonfarm payroll employment rose by 121,000 in June, and the unemployment rate was unchanged at 4.6 percent, the Bureau of Labor Statistics of... Read more >
Definition:
Defined by the U.S. Bureau of Labor Statistics as employment of 35 hours or more in a week.
Job Coach
Definition:
A person hired by the placement agency or provided through the employer to furnish specialized on-site training to assist an employee with a disability in learning and performing a job and adjusting to the work environment.
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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