Sutter Health Protects Employees' Economic Health
Not-For-Profit Infuses Another $104 Million into Pension Fund
SACRAMENTO, Calif., Nov. 30, 2005 – Sutter Health has contributed another $104 million to its employee pension plan. The investment means Sutter Health, a family of not-for-profit hospitals and physician organizations in Northern California, has once again fully-funded its retirement plan.
TIME magazine's recent in-depth report, "The Broken Promise: The Great Retirement Ripoff" exposes how many private and public companies are "breaking their promise" to provide for employees in retirement by defaulting on their pension plans. "It's one of the biggest problems facing the U.S. economy," said Sutter Health President and CEO Patrick Fry. "Almost every day you read a story about a company defaulting on its pension obligations. Sutter Health puts its employees' interests first. Once the money is contributed, it's in the plan for good.
"Funding our employee pension plan is a sizable investment, but we believe it is our duty to safeguard the financial well being of Sutter Health network employees – both now and in the future," Fry added. "We truly believe that Sutter Health network employees are our most valuable resource and we've made it a top priority to take care of them."
Sutter Health has a consistent record of significant contributions to the Sutter Health Retirement Plan. The network has invested over $404 million in the past four plan years. Sutter Health's recent $104 million contribution brings Sutter's employees’ retirement funds assets to approximately $1 billion.