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In Reversal, PBGC Covers Pension of Hospital Center After IRS Revokes 'Church Plan' Status
Pension Benefit Guaranty Corporation [PBGC] May 10, 2013 "[I]n 2003, after the hospital became affiliated with Cathedral Healthcare System Inc., the [IRS] determined that the hospital's pension plan had become a church plan, which removed it from PBGC's protection. Soon after that, the hospital began winding down its operations and laying off employees. Over the past several years, at the request of the Pension Rights Center, PBGC worked with the hospital's former staff and the IRS to revisit that designation. IRS recently set the designation aside and PBGC can now cover the pensions." |
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