WEIRTON, W.Va. -- Weirton Medical Center officials said Monday they will eliminate the hospital's 18-bed inpatient psychiatric unit and have changed employees' retirement income plans.

In a news release, officials said the moves were necessary "to offset reduced income from investment losses and lower patient volumes."

The inpatient psychiatric unit in the Center for Behavioral Health will suspend services on Sept. 1. The move will affect about 10 full-time equivalent employees in union and non-union positions. Hospital officials said some of those employees may qualify for other positions currently open at the medical center.

Outpatient psychiatric services in the Center for Behavioral Health will be continued.

Joseph P. Endrich, M.D., president and chief executive officer of Weirton Medical Center, said “These measures will help to offset reduced income and lower patient volumes we have experienced as a result of the volatility of the financial markets and the effects of the recession. These measures are estimated to save the medical center several million dollars.”

With regard to the retirement plan changes, Endrich said the hospital will eliminate annual contributions to the plan's cash balance account after Sept. 30.

Endrich said the hospital will not reduce the amount in participants’ cash balance accounts. Participants will maintain their cash balance accounts accrued as of Sept. 30 and those accounts will continue to accrue interest. This change does not affect participants who have already terminated from the medical center with a vested benefit, or participants who have retired and have received or are currently receiving payments. Also, Endrich said the retirement income plan modifications will not affect the voluntary 403(b) supplemental retirement income plan.

Hospital employees were informed of the changes by mail and internal meetings.