Employee Defined Benefit Retirement Plan

By Roger Berger

Controversy surrounds the change of pension managers and the current unfunded liability of $16 million dollars

One question that lingers is why, in 1999, was the pension given away to a local insurance salesman, Frank Visco, without a competitive bidding process. Also, why has the community elected leadership of the hospital stood by and watched the plan fall to the critical low level of value? Why, during a Pension Advisory Committee, did the chairman of the committee suggest terminating the employee's pension plan? Why hasn't the Chairman of the Board directed the CEO and hospital administration to put the pension out to bid immediately to resolve this disastorous unfunded liability? What are they afraid of? Or should I say, who are they afraid of? Who is it that has such tremendous power and control of the CEO and Board of Directors? The recent government intervention into the these same issues involving the airlines employees Defined Pension Plan should be enough proof that perhaps an outside investigation is what may be needed to resolve these issues.