Bay Medical Center's New Pension Plan
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Updated: 10:36 PM Jul 17, 2009
Bay Medical Center's New Pension Plan
Bay Medical Center may soon be looking for dozens of new employees. As a result of the poor economy, the hospital is switching the employee pension plan, which may force some to quit.
Posted: 10:13 PM Jul 17, 2009
Reporter: Josh Gauntt
Email Address: joshua.gauntt@wjhg.com
Bay Medical Deals With Budget Constraints
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Bay Medical Center is making some changes due to budget shortfalls.

In September, the hospital is switching its two-thousand employees to new pension plans.

"The hospital has had to change its retirement plan as a cost savings measure," Christa Hild, of Bay Medical said.

One of the changes includes eliminating cost of living increases. The change will adversely affect about 300 employees. Some have already taken the early retirement option.

"We haven't asked anyone to retire or forced anyone to retire. We're simply offering the opportunity to go ahead and retire before this change takes effect and keep that benefit, but only if you're eligible to retire," Hild said. "Thus far only 10 employees have taken advantage of this opportunity."

"Hild says the last thing the hospital wants to do is cut jobs, but it could be a possibility."

"We feel like we're trying to do the best we can to keep people's jobs, keep people's pensions, retirement plans and try to make some small cost cutting measures to make sure we're all still here," Hild said.

Besides the employee's pension plan cuts, the hospital is also considering selling the Bay Behavioral Mental Health and Counseling facility on North Harrison Avenue.

Bay Medical officials say they're losing $100,000 a month on the operation.

"Obviously we can't continue to keep losing a large amount of money. So we're looking into our options, one of which could be selling the facility, but no final decisions have been made yet," Hild said.

Hospital officials say they don't yet have a handle on how many employees will take the early retirement option.

That number will determine how many jobs will be cut, and how many will need to be filled.

Latest Comments

Posted by: ps RN Location: holmes co on Jul 19, 2009 at 07:54 PM

We do not receive 'cost of living' raises on our pension plan at our hospital. I wonder if we will get that 1% match next year, either. We, even in the high stress medical industry will have to fund our retiremnt on our own-get used to the idea. We need to consider ourselves lucky to have our jobs!
Posted by: kathy Location: panama city, fl on Jul 18, 2009 at 01:58 PM

I am mad! A local not-for-profit, "government" hospital is considering selling off an in-patient mental health facility and will definitely be changing hospital employee's pension plans to save money. The pension plan change will adversely affect 300 employees; 10 employees have already "retired" to avoid losing accrued retirement funds. At the same time, the hospital has invested in a "Vitrectomy Machine", opened a 1.7 million "state-of-the-art cath lab", and is in the middle of a 70 million building expansion project. Sure, sure, money had already "earmarked" funds for these projects; I don't buy it. The employees, patients, and the community will pay in the long run. Lost pensions and lost jobs are the are only the beginning. Next, cost studies will be done to decide how patient costs can be reduced or milked to fund pet expansion and surgery projects. I say stop bleeding the employees and reducing quality patient care to save money. Go to the top and knock out expenses. General Motors cried poor mouth, accepted bailouts, and still had to declare bankruptcy because the top would not reduce spending. Hasn't anyone learned anything? Duh-h-h-h-h?
Posted by: Bull on Jul 18, 2009 at 08:37 AM

If such cuts are Ok (and routine) for Private Sector Pensions & Benefits, why aren't we doing the SAME thing to our VASTLY OVERPAID and OVER-BENEFITED Civil Servants' Pensions & benefits? What makes these people so "special", to the detriment of EVERYONE else?
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