Orange Regional Medical Center Employees' Retirement Plan

Investment oversight is typically delegated to a board of trustees or a retirement plan committee whose members are appointed by the Garnet Health system board. The names of current trustees and any external investment consultant are not publicly identified on a standalone plan website. Their fiduciary responsibilities are disclosed in the plan's annual Form 5500 filing, which names the plan administrator and any contracted investment advisors.

Yes, the plan's funded status is disclosed in Garnet Health's consolidated audited financial statements and its annual IRS Form 5500 filing. The plan's net position, projected benefit obligations, and employer contributions are typically summarized in the notes to the financial statements. However, the most recent Form 5500 would need to be individually retrieved from the Department of Labor's EFAST system for precise figures.

The plan has not published a standalone investment policy statement, so its precise asset allocation is not a matter of public record. Comparable non-profit hospital pension plans in New York typically allocate to public equities, fixed income, real estate, and alternatives via commingled funds, often guided by an institutional investment consultant.

Orange Regional Medical Center was renamed Garnet Health Medical Center after the 2011 merger that created the Greater Hudson Valley Health System, rebranded as Garnet Health. The Employees' Retirement Plan is a single-employer trust that covers workers at that flagship campus, but it is a legally separate entity whose assets cannot be used to satisfy the health system's operating liabilities.

Portions of the workforce at the medical center are represented by the New York State Nurses Association and 1199SEIU United Healthcare Workers East. These unions negotiate for benefits, including pension plan participation, through collective bargaining agreements with Garnet Health.