Intermountain Health Announces Changes to Pension Plan

Intermountain Health’s Board of Trustees today announced the Intermountain Health pension plan will be frozen on Dec. 31, 2026.

Currently, one-third of Intermountain caregivers participate in the plan after it was closed to new caregivers in 2020. No caregivers will lose the pension benefit they have earned. Any earned pension benefit is secure in a trust, and caregivers will continue earning additional pension benefits through the end of 2026. After the freeze, no new pension benefits will be earned, and affected caregivers will move fully to a 401(k)-based retirement program.

The decision comes after careful evaluation and supports both Intermountain’s long-term stability and the retirement security for current and past caregivers.

Across the U.S. healthcare industry, most organizations already have moved away from pensions, with 97% of organizations now relying on 401(k)-based retirement plans. Ongoing financial pressures, including lower government payments, inflation, and major market volatility also reinforce the need for a more stable, predictable, and flexible retirement program that can support the entire organization for the long term.