The PBGC assumed responsibility for the pension plan for former employees of Pascack Valley Hospital, Westwood, N.J., according to a PBGC news release.
The PBGC estimates that the plan is 67% funded, with $93.1 million in assets to cover $138.9 million in benefit liabilities. The agency expects to be responsible for $42.2 million of the $45.8 million shortfall.
The hospital filed for Chapter 11 bankruptcy protection on Sept. 24, 2007, and stopped providing patient care on Nov. 21, 2007. Substantially all of the hospitals assets were sold to a buyer that did not take over the pension plan or continue the hospitals operations during bankruptcy proceedings, the release said. It could not be learned who the buyer was.