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Settlement reached in hospital’s failed pension plan

More than 200 retirees wanted to pursue lawsuits against Singing River Health System over its failed pension plan. But U.S. District Court Judge Louis Guirola Jr. has signed off on a settlement proposed by attorneys for 17 other pension-plan members.

The Sun Herald reports the settlement applies to all 3,173 current and former employees who participated in the pension plan, including those who opposed it.

Under the settlement, the health system will put into the pension $55 million it failed to pay from 2009-14, while plan members thought the contributions were being made.

The payment will amount to a total of $150 million because it is being stretched over 35 years and includes interest.

The settlement releases SRHS and its owner, Jackson County, from liability over the failed pension.

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