St. Rita’s employees get pay cut
This month St. Rita’s Medical Center informed all of its employees that it will no longer fund the current pension plan. They intend to freeze all benefits on Dec.31 and will provide no cost of living increases to this amount. This means if you still have 20 years before retirement your benefit will be reduced by the amount of inflation(roughly two percent, every year). This amounts to a 40 percent reduction in value. Their new plan will fund a 403b at a maximum of eight percent, which is 10 percent less than they are funding the current pension that they promised employees. This is an eight to 10 percent pay cut for every employee .
Step up St. Rita’s and tell the community what you are doing. Acting like the “big corporation” you are and not the “community centered charitable organization” you are pretending to be.
— John Deerhake, Lima