Sutter Health Employee Pension Plan Remains Fully Funded
Posted on Jun 2, 2014 in Uncategorized
At a time when many pension plans remain underfunded due to years of declining value and deferred investment, Sutter Health’s pension plan remains fully funded.
In 2013, our pension fund investment portfolio performed so well that we did not need to make an additional cash investment. In previous years, we made substantial investments to keep the fund financially secure. Since 2008, Sutter Health’s board approved $1.2 billion in contributions to keep the employee retirement plan fully-funded.
According to the Wall Street Journal’s CFO Report, as 2013 came to a close, many of the largest companies in the U.S. had pension plans that enjoyed gains but were still underfunded.
Within Sutter Health, the pension benefit is a valuable piece of total employee compensation. For example, under the traditional pension design a full-time nurse who retires at age 65 in 2027 with 25 years of service may expect to receive about $7,300 per month or more than $87,000 per year at retirement from the Sutter Health pension plan. This doesn’t include other possible income from Social Security or participation in a 403(b) plan.
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