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Board approves plan to transfer hospital pension liability; staff says benefits unchanged
Summary
Commissioners approved a resolution directing steps to transfer liability for the New Hanover County Regional Medical Center pension plan to an annuity provider, saying the move will not reduce benefits for roughly 5,500 participants and will remove contingent liability from county taxpayers.
The New Hanover County Board of Commissioners on April 20 approved a resolution to pursue a legal ‘‘termination’’ of the county’s responsibility for the New Hanover County Regional Medical Center pension plan, a process staff said would transfer the plan’s liabilities to an insurer without reducing participant benefits.
County staff explained the term "termination" is a legal description of transferring ownership of plan obligations and emphasized that no participant benefits would be cut. Staff said the pension trust’s assets have recovered since volatility…
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