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BAY MEDICAL CENTER PENSION PLAN


The Board of Trustees of the Bay Medical Center Special District (d/b/a Bay Health Foundation) manages the Bay Medical Center Pension Plan established for its employees January 1, 1996. One of the Board’s most important responsibilities is to ensure the security of the Bay Medical Pension Plan through prudent investments and conservative actuarial assumptions. Over the last several years, the Board strengthened the financial security of the Pension Plan by adopting more conservative actuarial assumptions that are reflective of managing the liabilities of a closed pension plan - all new participation in the Plan ceased on March 31, 2012 due to the long-term lease of Bay Medical to Sacred Heart Health System, Inc. and LHP Hospital Group, Inc.

The Bay Medical Center Pension Plan as of the Jan. 1, 2016 Actuarial Valuation had 1,709 participants and an actuarial market value of assets of $91.9 million resulting in a Plan funding level of 79.6% compared to 88.9% the previous year. The decrease in funding ratio was driven in large part by implementation of new State of Florida mandated mortality tables that increased the Plan’s actuarial liability by $5.1 million. The new mortality tables assume that plan participants will live longer. The other major factor that led to the decrease in funding level was the Plan experienced a flat return for 2015 gaining only .1% compared to the actuarial assumed rate of return of 7.5%. The investment return experience for the last three years was 7.4% and 6.9% for five years.

Please visit the links below for more detailed information regarding the Plan.

Pension Committee
The Pension Committee is appointed by the Bay Health Foundation Board of Trustees and is responsible for the operation and administration of the Pension Plan.

    • Jerry F. Sowell, Jr.—Pension Committee Chairman, BHF Board Vice Chairman
    • Jimmy Barr—BHF Board Chairman
    • Scott Barloga—BHF Board Secretary/Treasurer
    • Shelyene Kiefer Hallford—former BMC Human Resource employee
    • Fran Schofield—former BMC Human Resource employee
    • Andrew W. Stein—former BHF Board Member

Main Contact for Administration of the Bay Medical Pension Plan:
Karen Thomason
Executive Director, Bay Health Foundation
11 Harrison Ave., Unit E
P. O. Box 789
Panama City, FL 32402
Phone: 850-818-0565 / Fax: 850-818-0567
kthomason@bayhealthfoundation.com

Useful Links and Downloadable Resources: