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PBGC to cover pension benefits of defunct N.J. hospital

In a reversal of a prior decision, the PBGC has agreed to pay pension benefits to 800 former hospital employees in New Jersey.

By Paula Aven Gladych | Updated on May 10, 2013

The Pension Benefits Guaranty Corp. has agreed to pay pension benefits to more than 800 former employees of the Hospital Center at Orange, a facility that provided primary and emergency care in Orange Township, N.J., before closing its doors in 2004. This was a reversal of a prior opinion.

The hospital’s pension plan originally was covered by the Employee Retirement Income Security Act and protected by PBGC. In 2003, it became affiliated with Cathedral Healthcare System Inc., a church plan, and the IRS removed it from PBGC’s protection.

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