Providing health care services to the people of Bay County
BAY MEDICAL CENTER PENSION PLAN
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, 2023 Actuarial Valuation, the Pension had 1,438 participants and an actuarial market value of assets of $94.5 million resulting in a Plan funding level of 82.2% compared to 101.5% the previous year. For calendar year 2022, the actuarial market value investment return loss of -13.39% was less than the investment return assumption of 6.75%. Actuarial market value return was the major source of actuarial loss during 2022. Three, five and ten-year average annual investment return has been 2.68%, 4.04% and 6.5% 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 2023, those contributions totaled zero. For fiscal year 2022, those contributions totaled $13 thousand. Since 2012, the total contribution from the Board was $32.2 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.
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
- Andrew W. Stein—BHF Board Vice Chairman
- Jim Cook, M.D.—BHF Board Secretary/Treasurer
- 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:
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:
- Bay Medical Center Pension Plan – Summary Plan Description – 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, 2023 –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, 2021–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 – 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.
- http://www.dms.myflorida.com/workforce_operations/retirement/local_retirement_plans/local_retirement_section/actuarial_summary_fact_sheets – The Florida Department of Retirement Services reviews all local government pension actuarial valuations and prepares a one page fact sheet.
- http://www.myfrs.com/ – 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.