Valley Medical Center CEO Rich Roodman sent a memo to employees Tuesday, saying the hospital was terminating its pension plans and replacing them with retirement plans that push employees to contribute more.
Valley has been paying 100 percent of employee pension contributions, but officials said the hospital’s financial difficulties led to the decision to shift some of the cost to employees.
Under the new plan – the first change to Valley Medical's retirement plan since 1967 – the hospital…
Valley Medical Center CEO Rich Roodman sent a memo to employees Tuesday, saying the hospital was terminating its pension plans and replacing them with retirement plans that push employees to contribute more.
Valley has been paying 100 percent of employee pension contributions, but officials said the hospital’s financial difficulties led to the decision to shift some of the cost to employees.
Under the new plan – the first change to Valley Medical's retirement plan since 1967 – the hospital…