Class Seeks Final OK On $98.3M Bon Secours ERISA Deal
By Michael Phillis (October 16, 2017, 5:56 PM EDT) -- Thousands of class members affected by seven Bon Secours Health System Inc. pension plans that were allegedly in violation of the Employee Retirement Income Security Act asked a Maryland federal court Friday to give final approval to a settlement that would require the health care organization to provide $98.3 million to bolster funding.
The settlement agreement calls for the hospital to contribute $14 million a year for the next seven years to the seven plans at issue, which "represents the total amount of underfunding," the plaintiffs said in a request for final approval of the agreement. In addition, the settlement calls...
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