Sutter Health, Sacramento, Calif., contributed up to $500 million to fully fund the organizations $1.1 billion pension plan, according to a news release.
Jim Gray, board chairman, said in the release that Sutter Healths plan suffered substantial losses as a result of the market downturn, but that it was fully funded going into the slide, which helped stability. Also, a more conservative investment strategy helped minimize losses, he said.
Other organizations whose pension plans were in bad shape at the start of the midyear economic decline and those that have traditionally pursued more aggressive investment strategies are facing particularly difficult pension challenges, he said in the release.
Brian Hudson, Sutter spokesman, did not have information on how much the fund dropped in October or on the plans asset allocation.