True, but it's not that simple.
In December of 2007, CHW became sole owner of Sequoia Hospital in an agreement which provided Sequoia Healthcare District with an economic return on its investment($75,000), for the hospital rebuild, which equals 50% of Sequoia Hospital's excess profit. In legalize, excess profit means "Operating EBIDA exceeding an aggregate 9.3% annual Operating EBIDA Margin". This has provided the District with over $15 Million in revenue since 2007. Had it not been for the unfunded liability of the pension plan, the District would have received $12 Million more in profit sharing.
Who is responsible for the gross mismanagement of the pension fund which created the unfunded liability? Who is receiving the pension benefits?
Art Faro, currently a Member of the Sequoia Healthcare District Board of Directors was CEO of Sequoia Hospital when it was sold in 1996. He is a beneficiary of the plan.
I am asking questions.