TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

West Penn Allegheny adds to pension plan

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By Pittsburgh The Tribune-Review
Thursday, Sept. 16, 2010
 

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.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Stories

  1. Robbery, other counts held against Glassport suspect
  2. Rain plays havoc with American Legion teams
  3. Pirates come back to take series from Padres
  4. East Deer police chase ends in arrest
  5. Starkey: Is this Huntington’s best Bucs team?
  6. Pirates notebook: Kang settling in to comfort zone
  7. Mother of Wilkinsburg toddler found dead in ravine charged with her murder
  8. Mt. Pleasant Borough councilwoman swaps role to deliver ‘apology’
  9. 92-year-old Rostraver home invasion victim questioned by suspect in court
  10. Saltlick officials search for proof of post-Prohibition ordinance that made township ‘dry’
  11. ‘Sherlock’s Last Case’ at Charity Randall Theatre produces intriguing death threat