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West Penn Allegheny adds to pension plan

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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.

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