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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.
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Latest news about Employment cases in Illinois and nationwide:
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:
Easy to approach, enter, operate, participate in, or use safely, independently and with dignity by a person with a disability (i.e., site, facility, work environment, service or program).
Curb Cut
Definition:
Also called a curb ramp, it is a depression built into the curb of a sidewalk to permit passage by a wheelchair. The incline should not exceed a gradient of 1:12 and the flat surface width should be no less than 4 feet wide.
Equal Employment Opportunity
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.
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