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Providing health care services to the people of Bay County



Bay Medical 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.

As of the January 1, 2024 Actuarial Valuation, the Pension had 1,403 participants and an actuarial market value of assets of $101.9 million resulting in a Plan funding level of 89.9% compared to 82.2% the previous year. For calendar year 2023, the actuarial market value investment return gain of 14.83% was more than the investment return assumption of 6.75%. Actuarial market value return was the major source of actuarial gain during 2023. Three, five and ten-year average annual investment return has been 3.77%, 7.97% and 6.3% respectively and on an actuarial market value basis. Another material source of funding for the Pension comes from the Board in the form of annual required contributions.  For fiscal year 2024, those contributions totaled $2,860,377. For fiscal year 2023, those contributions totaled zero. Since 2012, the total contribution from the Board was $35.1 million which was $11.8 million more than the required contribution for that same time period.

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.

  • Andrew W. Stein—Pension Committee Chairman, BHF Board Vice-Chairman
  • James T. Cook, III, M.D.—BHF Board Chairman
  • Sylvester Griffin—BHF Board Secretary/Treasurer
  • Jerry F. Sowell, Jr.—former BHF Board member
  • Shelyene Kiefer Hallford—former BMC Human Resource employee
  • Fran Schofield—former BMC Human Resource employee


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


Useful Links and Downloadable Resources: