Erlanger tileLATEST ERLANGER FINANCIALSErlanger Health System reported a $1.4 profit in December after losing $2.4 million in November, but. Year-to-date, the hospital is running a $1.5 million deficit, about $1 million less than the deficit they were running this time last year. The public hospital has provided approximately $43 million in uncompensated care this year.
Erlanger CEO Kevin Spiegel announced recently that retiree health benefits will be trimmed.Hamilton County’s fourth-largest employer is the latest to move toward phasing out its pension plan.
The Erlanger Health System board’s budget and finance committee voted Monday to freeze the defined benefits plan this summer and move all employees into a “modernized” retirement savings plan similar to a 401(k).
The resolution still has to go before Erlanger’s full board, which meets Thursday.
About 2,500 of the hospital’s 4,000 active employees participate in the pension plan. Erlanger spends about $13 million annually in contributing to its pension plan, said Gregg Gentry, the hospital’s chief administrative officer.