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Employment Law News
PBGC Protects Pensions at Victory Memorial Hospital
The Pension Benefit Guaranty Corporation (PBGC) today announced it has assumed responsibility for the underfunded pension plan sponsored by Victory Memorial Hospital, Brooklyn, N.Y. The Victory Memorial Hospital Pension Plan, which covers about 1,200 current and former employees and retirees, has been frozen since 1997.
The PBGC stepped in after Victory failed to make legally required minimum funding contributions to the plan, and the agency determined that the plan would be unable to pay benefits when due because of underfunding. The PBGC will pay retirees’ monthly benefit checks without interruption, up to legal limits, and will ensure other plan participants receive benefits when they are eligible to retire.
Victory missed almost $8 million in legally required contributions. The hospital's last contribution was for the 2003 plan year. According to PBGC estimates, the plan is 42 percent funded, with about $20 million in assets to cover nearly $49 million in promised benefits. The agency expects to be liable for the entire $29 million shortfall. Read more at pbgc.gov
About Wrongful Termination employment
Wrongful termination is a term that generally refers to a person being fired illegally. Many terminations that people think of as "wrongful" aren't illegal. In most states, employment is "at will". This means that the employer can fire the employee for no reason or any reason. However, there are two main reasons why a termination may be illegal- discrimination and contracts.
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Definition:
Easily accomplishable and able to be carried out without much difficulty or expense. In determining whether an action is readily achievable, factors to be considered include nature and cost of the action, overall financial resources and the effect on expenses and resources, legitimate safety requirements, impact on the operation of a site and, if applicable, overall financial resources, size and type of operation of any parent corporation or entity.
Title I of the Americans with Disabilities Act
Definition:
Title I of the Americans with Disabilities Act of 1990 (the "ADA"), as amended, 42 U.S.C. §12111, et seq., prohibits discrimination in employment against a qualified individual with a disability because of the disability. It also is unlawful under the Act for an employer to take retaliatory action against any individual for opposing employment practices made unlawful by the ADA or for filing a discrimination charge or for testifying or assisting or participating in an investigation, proceeding, or hearing under the ADA.
Racial Profiling
Definition:
Wrongful and hurtful judgments about an individual or group based solely on their ethnicity or color of their skin; actions based on racial prejudice.
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