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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
Laws prohibit the termination of an employee in retaliation for filing a workers compensation claim
The Workers’ Compensation statute in one state, NJSA 34:15-39.1 only prohibits the termination of an employee in retaliation for filing a workers compensation claim or for testifying at a workers’ compensation hearing. If you feel you were terminated for these reasons, one alternative is the filing of a discrimination complaint against your employer with the Division of Workers’ Compensation. Then contact our lawyers.
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Definition:
A variety of procedures for the resolution of disputes. Each ADR procedure is a fair and efficient alternative to court adjudication that must be entered into voluntarily by all parties.
Undue Hardship
Definition:
With respect to the provision of an accommodation, significant difficulty or expense incurred by a covered entity, when considered in light of certain factors. These factors include the nature and cost of the accommodation in relation to the size, resources, nature, and structure of the employer's operation.
Title I of the Americans with Disabilities Act
Definition:
Title I of the Americans with Disabilities Act of 1990 (the "ADA"), as amended, 42 U.S.C. §12111, et seq., prohibits discrimination in employment against a qualified individual with a disability because of the disability. It also is unlawful under the Act for an employer to take retaliatory action against any individual for opposing employment practices made unlawful by the ADA or for filing a discrimination charge or for testifying or assisting or participating in an investigation, proceeding, or hearing under the ADA.
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