Amends amend Chapter 297 of the Private Acts of 1976; as amended.

ON APRIL 27, 2022, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 2915, AS AMENDED. AMENDMENT #1 clarifies, in regard to the requirements for sale, lease, or transfer, that the corporation will assume responsibility for the hospital authority's frozen defined benefit pension plan and specifies that such responsibility includes payment of at least 100 percent of the pension plan's annual actuarially determined contribution, including the normal cost of benefits and the amortization of the pension plan's unfunded accrued liability, and any payment due pursuant to other provisions of this amendment; the costs associated with maintaining the plan's qualified plan status; and the costs associated with the administration of the pension plan. This amendment also revises other provisions of this bill regarding a ruling from the Pension Benefit Guaranty Corporation and actions to taken in light of the ruling. This amendment further specifies that the corporation agrees to use the net proceeds received from the sale of the assets of the nonprofit corporation to fund no less than 100 percent of the frozen defined benefit pension plan's annual actuarially determined contribution and all annual and cumulative pension plan deficits until the pension plan is 100 percent funded.