Providing health care services to the people of Bay County


Grant Application Guidelines
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, 2021 Actuarial Valuation, the Pension had 1,499 participants and an actuarial market value of assets of $114.1 million resulting in a Plan funding level of 99.9% compared to 94.9% the previous year. For calendar year 2020, the actuarial market value investment return of 11.22% was more than the investment return assumption of 7.25%. Actuarial market value return was the major source of actuarial gain during 2020. Three and five-year investment has been 7.79% and 9.2% respectively and on a 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 2020, those contributions totaled $1.25 million. For fiscal year 2019, those contributions totaled $3.7 million – significantly more than the $2.3 million required contribution for that time period; and similarly, for fiscal year 2018, those contributions totaled $6.9 million – significantly more than the $2.9 million required contribution for that 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.

    • Jerry F. Sowell, Jr.—Pension Committee Chairman, BHF Board Chairman
    • Jimmy Barr—BHF Board Vice Chairman
    • Jim Cook, M.D.—BHF Board Secretary/Treasurer
    • Andrew W. Stein—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
[email protected]

Useful Links and Downloadable Resources:

Meeting Schedule