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Commissioners review resolution to terminate county-held hospital pension trust, consider annuity transfer
Summary
Staff discussed a resolution authorizing termination of the county-held pension plan remaining from the 2021 hospital sale; Eric said assets have recovered and staff is exploring transferring obligations to an annuity company to reduce contingent liability.
Commissioners considered a resolution authorizing termination of the New Hanover Regional Medical Center pension plan the county retained after the hospital’s 2021 sale. Eric explained the county currently administers a trust that funds pension payments once employees become eligible; market losses in 2022 reduced the trust’s assets relative to…
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