Pensions

rjflyn, ASN, RN · Dec 26, 2005

Nope- very rare in health care. Most places have 401b's or like programs where the employer matches what the employee puts in up to a certain amount.

Others go farther and put in a certain percentage of ones gross yearly salary in a like account as well. A couple places that do these I have worked do this without the employee's input but the money then typically is just in a money market account making maybe 0.5-1% if your lucky.

Sadly the days of the true pension are all but gone, about the only companies with these are the US auto companies and just look at their financial conditions.

The only other places left as far as I know are state programs for government employees. So you might find them at county or state hospitals.

RJ

kharma09 · Dec 27, 2005

Thanks rjflyn for your input. I am currently checking out state employment opportunities but the application/hiring process seems very lenghthy. It looks like i'm really going to have to buckle down if I want to get into something like that.

elkpark · Dec 27, 2005

I agree with rjflyn -- you have little or no chance of finding an employer that offers a traditional "pension," in healthcare or anywhere else. Most employers of any size offer a 401k or 403b (depending on the tax status of the employer) program that offers you tax benefits for saving your own money for your retirement, and most employers do contribute some money into your account in that program. How much the employer contributes is an important factor to consider when you are comparing the compensation packages offered by different potential employers and deciding on a job.

However, if you've been following the news, you know that the few employers in the US who do still offer traditional pensions ("defined benefit" programs, as opposed to the newer "defined contribution" programs) are doing everything they legally can to dump those programs ASAP.

Your best bet would be state employment, but even that is not a sure thing -- I've been a state employee in my state for a number of years and they used to have a great pension plan, but the state switched over to a "defined contribution" system (like 401k or 403b) quite a few years ago, and I believe that many other states are doing (or have already done) the same thing.

oneLoneNurse · Dec 27, 2005

I think Duke does, BUT do you want to trust any employer ?

If you contribute the maximum to a 401 plan and invest wisely you should be all right. Check on whether or not you contribute the maximum. I just found out I wasn't when I switched employers. Duh. Though, my retirement account still looks fine.

BamaBound2bRN · Dec 30, 2005

after working 33 years at bethlehem steel, james roberts expected to retire with a secure pension. a member of steelworkers local 1688 in harrisburg, pa., roberts retired in november 2000 with full pension and health care benefits. about a year after bethlehem declared bankruptcy in december 2001, the pension benefit guaranty corp. (pbgc), the federal agency that insures pensions, took over the company's pension plan. the pbgc cut roberts's monthly pension

payments by more than one-third, leaving him financially devastated.

"it's not like i was making $60,000 or $80,000 a year on my pension and could afford to take a cut," he says. before the pbgc cut his payments, roberts received $1,888 a month or $22,656 a year. now he receives $1,243 a month--$14,916 a year. he struggles to buy the daily medications he needs for a degenerative bone disease, high blood pressure and cholesterol.

the above quote was from the aflcio website. you cannot depend on pensions, social security, or any other "guaranteed retirement." 401b or 401k are good, but you need further retirement planning/savings. seek and use a good cfp.

mona b RN, BSN, RN · Dec 30, 2005

after working 33 years at bethlehem steel, james roberts expected to retire with a secure pension. a member of steelworkers local 1688 in harrisburg, pa., roberts retired in november 2000 with full pension and health care benefits. about a year after bethlehem declared bankruptcy in december 2001, the pension benefit guaranty corp. (pbgc), the federal agency that insures pensions, took over the company's pension plan. the pbgc cut roberts's monthly pension
payments by more than one-third, leaving him financially devastated.
"it's not like i was making $60,000 or $80,000 a year on my pension and could afford to take a cut," he says. before the pbgc cut his payments, roberts received $1,888 a month or $22,656 a year. now he receives $1,243 a month--$14,916 a year. he struggles to buy the daily medications he needs for a degenerative bone disease, high blood pressure and cholesterol. [/colo
this is truly scary and sad.