Under the old pension plan, Valley Medical Center paid all of the employee contributions. Now, the hospital will pay half. Employees will not have to contribute, but the hospital will partially match any contributions they do make, according to the report.
This is the first time the hospital is changing its retirement plan since 1967. The changes stem from the Valley Medical Center’s financial issues — without making changes, the hospital is projecting a large loss for its 2013 fiscal year, according to the report.
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