The PBGC has taken over the defined benefit pension plan of Amsterdam Memorial Hospital, Amsterdam, N.Y., according to an agency news release.
The plan, which covers more than 830 former and current employees, is 60% funded, with assets of $13.6 million and liabilities of $23.2 million. The Pension Benefit Guaranty Corp. will assume $9.2 million of the $9.6 million shortfall.
The PBGC assumed responsibility for the plan after the hospital failed to meet minimum funding standards and was unable to pay benefits.
