This included a transition to the WMCHealth investment lineup, which aided in this reduction and overall enhancement. Trusteeship date: March 31, 2004.
During this same time, WMCHealth also merged the two plan oversight committees into one representative group of members from the various facilities. Sponsor: SOUND SHORE MED CENTER OF WESTCHESTER. Termination date: December 31, 2003. Similar to the situation with the MHRH acquisition, the existing WMCHealth retirement plan was smaller than the plan of the entity that it acquired. Once again, WMCHealth determined that conducting a recordkeeper RFP would allow for the greatest opportunity for all participants to receive the best possible services from the retirement plan provider.
Browse common questions and answers related to PBGC, plans and benefits. Over the course of the next 18 months, WCHCC selected a recordkeeper for the consolidated plan, updated the lineup for both plans so that the investments would be the same, enhanced the MHRH employer contribution formula to match the WCHCC formula, officially merged the two plans as of 1/1/2017, and changed its name to the WMCHealth Network Affiliated Employers 401(k) Plan. Beyond this, there is the communication outreach to employees, who are being integrated into the new combined entity with a potential changing retirement benefit structure, along with a new recordkeeper and investment lineup.
... New York Medical College – New York Medical College is proud to … This has been particularly important within the WMCHealth network, where each of the different hospitals and other entities have their own preferred mechanism for providing and receiving information. Was this review helpful?
In 2014, WCHCC acquired Saint Francis Hospital out of bankruptcy and established it as a division of WCHCC, naming it the Mid-Hudson Regional Hospital (MHRH). Per ERISA regulations, WCHCC had two years to resolve these potential problems and combine the two plans.
Between these issues and the use of two different recordkeepers for the two plans, WCHCC decided in June 2015 to launch a recordkeeper RFP, including both incumbent providers, as well as outside, non-incumbent vendors. Opinions expressed are those of the author, and do not necessarily represent the opinions of Cammack Retirement Group.
The vacation system is fair based on seniority. info@cammackretirement.com, 948 Village Green Avenue, Lexington, KY 40509 HealthAlliance has a complex retirement plan structure with multiple 401(k) and 403(b) plans for its employees through its various entities. As of March 2010, total assets in the 401(k) plan were less than $200,000. From this, the acquiror can determine how best to complete the combination, determine whether a recordkeeper RFP is necessary, and set about developing the associated participant communications to help keep the employee population informed.
Westchester Medical Center benefits and perks, including insurance benefits, retirement benefits, and vacation policy.
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Having been through the above merger/acquisition transactions, WMCHealth has become familiar with the types of situations that occur when combining retirement plans. Both located at 100 William Street, Suite 215, Wellesley, MA 02481 | p 781-237-2291, Investment products available through Cammack LaRhette Brokerage, Inc. | Investment advisory services available through Cammack LaRhette Advisors, LLC. When different hospitals of the same system have different programs, employees among both hospitals can feel that their counterparts might be getting a better deal.
The program began with Westchester Medical Center Advanced Physician Services, P.C.
There are many considerations related to plan provisions and making sure that the integrated program will remain compliant. (1) WMC owns 60% of BSCHS, and operates the system as a joint venture with BSCHS’ original parent organization. 40 Wall Street, 56th Floor, New York, NY 10005 Beneficiaries / Report Death of a Participant, Qualified Domestic Relations Orders and PBGC, State Life and Health Insurance Guaranty Association Offices, Missing Participants (Standard/Distress Terminations only), Federal Register Notices Open for Comment, ERISA Section 4044 Retirement Assumptions, Reportable Events & Large Unpaid Contributions, View PBGC Maximum Monthly Guarantees for Plans Terminating in 2003, PBGC Protects Pensions at Sound Shore Medical Center. Local Jurisdictions; Local Job Descriptions; Manuals and Forms; Human Resources ; ... Westchester County offers employees a broad range of online self-study and instructor-led courses.
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Westchester Medical Center Health Network Pay & Benefits reviews.
This adds to the anxiety of employees. ... and their work environment, they will start to focus on things like the retirement benefit. WCHCC provided its participants up to 4% in employer contributions, all through employer matching of employee deferrals.
Using the identical program eliminates that sentiment.
education fund) from CIR up to $650 each year (books, board exam fees, mobile devices) Implementing the same recordkeeper and the same investment lineup also helps for consistency among employees. health insurance is affordable, very good for family.
Monday-Friday, 8:00 a.m.-7:00 p.m. This acquisition required the integration of 1,600 employees into WMCHealth’s overall operation, including the retirement plan. |.
212.227.7770 Once again, WMCHealth conducted its evaluation of the program to identify similarities and disparities among the plans offered.
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With the provider cutting its recordkeeping fees for WMCHealth from 0.19% to 0.13%, the weighted average participant fee declined from 0.39% to around 0.30%. Ratings by categoryClear. MHRH offered participants up to 2% in employer contributions to the plan split between a 1% base contribution, and up to another 1% employer matching contribution. Job Title. WMCHealth is reviewing the plan demographics, eligibility and contribution formulas to determine compatibility with its own formula.
The BSCHS participants experienced even more of a reduction, as its fees went from 0.40% to 0.28%. However, because they are using the same recordkeeper, they have secured enhanced pricing for both plans, as referenced above. We see that you have visited MyPBA before, would you like to be directed to this site, CASH BALANCE RETIREMENT PLAN FOR EMPLOYEES OF SOUND SHORE MEDICAL CENTER OF WESCHESTER. Best Cities for Jobs 2020 NEW! Employee Benefits; Retirement Information; Employee Perks and Services; Local Agencies.
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Employees who were participants in the former St. Francis plan were given the option to roll over their accounts into the new MHRH Plan sponsored by WMC – NY. Since WMCHealth administers a 401(k) plan, they will not be combining these two plans into one; instead, they will operate the two plans side-by-side. Plan sponsors can ease this transition with clear messaging, and by using many communication channels to enable all participants to receive information via the medium they prefer – print, email, and onsite groups, as well as one-on-one meetings, and other methods. A difference with the BSCHS plan is that it is a 403(b) plan.
| Both located at 100 William Street, Suite 215, Wellesley, MA 02481 | p 781-237-2291.
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The provider was willing to offer BSCHS the same recordkeeper fee it was offering the WMCHealth Network. There is a broad range among the different HealthAlliance groups and WMCHealth with respect to their provisions.
BSCHS administered a retirement plan with approximately $150 million in assets as of 3/31/2017, whereas WMCHealth’s plan at that time held assets of approximately $83 million.
It was determined that the combined plans would likely fail this testing if significant changes were not implemented. Check the background of this firm on FINRA's BrokerCheck.
In May 2015, WMCHealth finalized an agreement with the Bon Secours Charity Health System, Inc. (BSCHS), based in Rockland and Orange Counties, adding another three hospitals, two skilled nursing facilities, a medical group and 4,000 employees to the WMCHealth network (1). Helpful (4) and WMC-NY and expanded through strategic acquisitions of NorthEast Provider Solutions, Westchester Medical Regional Physician Services, PC, and Mid-Hudson Valley Staffco, LLC.
Another similarity was that the WMCHealth plan, though holding a little more than half of the plan assets as compared with the BSCHS plan, was less expensive.
Participants in PBGC-trusteed plans can use PBGC's fast, free, and secure online service tool to apply for pension benefits, update contact information, adjust federal income tax withholding, and more. All. Meanwhile, as the retirement plan oversight committee was taking the above steps to simplify and improve the program for its now larger employee population, WMCHealth continued to seek additional partners for overall expansion.
3.5. However, plan sponsors can mitigate this anxiety through detailed and continuous communication.
Former Registered Nurse in Valhalla, New York State The benefits package is very good at Westchester. Before these plans could be integrated, WCHCC had to run non-discrimination testing on the combined plans. One significant benefit to the HealthAlliance employees with this combination will be the cost savings. … As is apparent from the above description, combining the retirement plans of newly acquired entities is complicated. At the time, the WCHCC 401(k) plan had a little less than $12 million in assets, while the MHRH plan held almost $27 million by the close of 2014. Case number: 19877200.
call 1-800-400-7242, More contact information for workers and retirees. United States 490 reviews. The RFP process resulted in a reduction in fees for both the WMCHealth and BSCHS plan participants.
By this time, the plan assets exceeded $75 million. ... Great benefits including opportunity …
The Westchester County Health Care Corporation Affiliated Employers 401(K) Plan (WCHCC) was established in 2009. Online Transactions Are Easy: MyPBA FAQs, Send us an email 24/7: mypension@pbgc.gov, Or, you can call 1-800-400-7242, 781.237.2291 This transition occurred in the summer of 2018, by which time the WMCHealth plan had grown to over $100 million, with the BSCHS plan around $180 million.
Given their relative asset size, it was surprising that the MHRH plan was more expensive. Participants in PBGC-trusteed plans can use PBGC's fast, free, and secure online service tool to apply for pension benefits, update contact information, adjust federal income tax withholding, and more.
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