The 401(k) plans of Michael Reese Hospital and Grant Hospital, both in Chicago, will be merged as a result of the hospitals' merger with Doctors Community Healthcare Corp., Scottsdale, Ariz.
Sharon Kirsch, director of corporate communications for Doctors Community, said they are looking to consolidate the 401(k) plans at both hospitals. A decision on whether to consolidate the hospitals' defined benefit plans has not yet been made. Ms. Kirsch declined to reveal the size of the 401(k) and pension plans.
Doctors Community agreed Thursday to purchase a majority stake from Columbia/HCA Healthcare Corp., Nashville, for $60 million. Doctors Community will own an 80% stake and the Reese-Grant Acquisition Group, a group of medical staff investors at both hospitals, will own 20%. Ms. Kirsch also said one of the long-term goals is to make the hospitals employee-owned.
