BAY MEDICAL CENTER PENSION PLAN

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, 2026 Actuarial Valuation, the Pension had 1,338 participants and an actuarial market value of assets of $109.4 million resulting in a Plan funding level of 100.9% compared to 92.4% the previous year. For calendar year 2025, the actuarial market value investment return gain of 14.69% was more than the investment return assumption of 6.75%. Actuarial market value return was the major source of actuarial gain during 2025. Three, five and ten-year average annual investment return has been 12.62%, 6.81% and 8.0% 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 2026, those contributions totaled $1.5 million. For fiscal year 2025, those contributions totaled $1.8 million. Since 2012, the total contribution from the Board was $38.4 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 Chairman
• Steven M. Johnson—BHF Board Vice-Chairman
• Sylvester Griffin—BHF Board Secretary/Treasurer
• Jerry F. Sowell, Jr.—former BHF Board member
• Fran Schofield—former BMC Human Resource employee

Main Contact for Administration of the Bay Medical Pension Plan:

Shelyene Hallford
Assistant Director, Bay Health Foundation
11 Harrison Ave., Unit E
P. O. Box 789
Panama City, FL 32402
Phone: 850-818-0572
Fax: 850-818-0567
shallford@bayhealthfoundation.com

Useful Links and Downloadable Resources:

• Bay Medical Center Pension Plan – Summary Plan Description – PDF file – This document provides a history of the Plan and describes the Plan’s provisions in as simple of terms as possible.
• Bay Medical Center Pension Plan Actuarial Valuation as of January 1, 2026, PDF file – Contains the most up to date information regarding the liabilities and assets of the Plan, determines the annual contribution to be made by the Board, and calculations required of a governmental plan for compliance with GASB 67.
• Bay Medical Center Pension Plan Financial Statements as of December 31, 2024, PDF file–Shows the audited financial statements for the Plan on a calendar year basis. In general, information in this audit is one year behind the actuarial valuation (above) due to the timing of the audit in conjunction with the District’s fiscal year end of Sept. 30.
• Bay Medical Center Pension Plan Chapter 112.664, F.S. Compliance Report, PDF file – Contains additional actuarial disclosures for local government pension plans, using prescribed assumptions and methods that are not a part of the Board’s adopted assumptions or Government Accounting Standards Board standards.
• Department of Management Services Actuarial Summary Fact Sheets, Link – The Florida Department of Retirement Services reviews all local government pension actuarial valuations and prepares a one page fact sheet.
• My Florida Retirement System Website, Link – Prior to Bay Medical establishing the Pension in 1996, Bay Medical employees participated in the Florida Retirement System (FRS). Former employees might find useful information by visiting this website.