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Virginia Mason Medical Center Defined Benefit Retirement Plan
The Virginia Mason Medical Center Defined Benefit Retirement Plan serves employees of the Seattle-based medical center, a part of the CommonSpirit Health...
Virginia Mason Medical Center Defined Benefit Retirement Plan
The Virginia Mason Medical Center Defined Benefit Retirement Plan serves employees of the Seattle-based medical center, a part of the CommonSpirit Health system formed through the 2019 merger of Dignity Health and Catholic Health Initiatives. The plan provides annual employer contributions directed to a cash balance structure, a hybrid that mimics a defined contribution account while maintaining traditional pension protections. Virginia Mason itself joined CommonSpirit through a 2021 merger with CHI Franciscan, creating a combined Puget Sound region entity within the national system. The plan's assets are managed within CommonSpirit's centralized investment program. Asset allocation typically spans domestic and international equities, fixed income, real assets, and alternative investments — a standard institutional mix for large nonprofit health system pensions. Investment oversight is handled by CommonSpirit's internal investment team and its board-level committees, which engage external managers across public and private markets. Specific allocations and manager rosters are not publicly disclosed. The plan benefits from CommonSpirit's scale — a system reporting over $50 billion in total assets (public record), with a retirement program encompassing multiple legacy plans. The Virginia Mason plan is one component within this architecture. No standalone investment staff or offices exist for this specific plan; administration is integrated into the parent system's human resources and benefits infrastructure. The plan's structural distinction lies in its governance rather than its portfolio. As a cash balance pension within a nonprofit health system, it avoids PBGC variable-rate premiums that burden single-employer plans while providing portable benefits uncommon in traditional defined benefit designs. This creates a liability profile that is more predictable than a final-average-pay plan, though investment risk still ultimately sits with the employer.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Seattle
Corporate office
Seattle, WA, United States
Frequently asked questions
How is the Virginia Mason Medical Center Defined Benefit Retirement Plan structured?
The plan operates as a cash balance pension, where employees receive an annual employer contribution credited to a notional account with a guaranteed interest credit. This hybrid design provides portability — participants can typically take a lump sum upon separation — while maintaining ERISA protections and PBGC coverage. The structure is part of the CommonSpirit Health Retirement Choice Program, which standardizes benefits across the system's legacy entities.
Who oversees investment decisions for the plan's assets?
Investment decisions rest with CommonSpirit Health's centralized investment office and its board-level committees. The system manages pooled assets across its defined benefit plans, engaging external managers for equities, fixed income, real assets, and private market strategies. The Virginia Mason plan does not maintain a separate investment committee or dedicated staff for portfolio decisions.
Does the plan file publicly available financial disclosures?
As an ERISA-covered defined benefit plan, the plan files Form 5500 with the Department of Labor annually, which includes asset values, participant counts, and service provider information. These filings are publicly accessible through the DOL's EFAST system. CommonSpirit Health also discloses aggregate pension obligations in its consolidated financial statements.
How did the Virginia Mason merger with CommonSpirit affect the retirement plan?
Virginia Mason Medical Center merged with CHI Franciscan in 2021, bringing the plan under the CommonSpirit Health retirement framework. The merger did not terminate the defined benefit plan, but placed it within a system that manages retirement benefits for a workforce across 24 states. Participant benefits earned prior to the merger remain protected under ERISA vesting rules.
Is the plan still open to new participants?
The plan's participant eligibility depends on CommonSpirit's current benefits design, which has trended toward defined contribution offerings across many health systems. Cash balance plans are sometimes closed to new entrants while existing participants continue accruals. Confirmation of current enrollment status requires referencing the plan's summary plan description or CommonSpirit's employee benefits portal.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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