In addition to its philanthropic mission, EHF has had the important responsibility of managing and winding down over $200 million in trailing assets and liabilities as part of the hospital acquisition transaction that created EHF. The most significant responsibility consisted of overseeing the Empire Health Services Defined Benefit Pension Plan (“DB Plan”). The DB Plan, which has been closed (frozen) to new participants and to benefit accruals since March 2007, at one point covered more than 3,000 participants.
EHF is pleased to announce a significant milestone in the stewardship of the DB Plan. After extensive due diligence following the receipt of governmental approval for termination of the DB Plan, EHF has selected Massachusetts Mutual Life Insurance Company to be the annuity provider to fund all DB Plan benefits and to provide related administrative services. As a result, participants’ benefits will be funded by a recognized insurance provider with significant financial assets and experience serving retirement plans.
With an estimated 95% of trailing assets and liabilities wound down to date, the EHF team and board look forward to increasing EHF’s focus upon achieving measurable, sustainable health improvements in Eastern Washington.