West Penn Allegheny adds to pension plan
West Penn Allegheny Health System on Wednesday said it made an undisclosed contribution to its pension plan.
Spokeswoman Kelly Sorice said federal rules prohibit the region's second-largest hospital network from disclosing the amount before notifying bondholders. The network's pension plan is underfunded by $98 million, according to the system's financial filings for fiscal year 2009.
The underfunding has been cited as one of several factors that prompted a June downgrade of its bond rating. Moody's Investors Service said West Penn Allegheny was expected to put $43 million into the pension plan this month.
The network, which significantly decreased contributions last year, is expected to put in about $77 million in the pension during the current fiscal year.
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments â either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.