buy out

  1. i have worked for a county hospital for almost 12 years. they are talking about possibly selling to another co. anyone been through this? will i lose my benes? we don't pay ss now. i would have been able to retire around 50 if i stayed there but now i don't know what will happen. i'm hoping it won't happen!!!!!!!
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  2. 7 Comments

  3. by   Mkue
    tiger, i've never been in this situation but you would think that you would be able to keep the benefits and everything the same, otherwise there could be trouble.

    let us know what you find out!
  4. by   BadBird
    Tiger,

    Cute picture. I was in a buy out at a florida hospital and I did lost 188 hours of sick time, they just wiped the slate clean without any compensation. That day I went perdiem and made a lot more money.
  5. by   nursegoodguy
    Poor Tiger...
    It's a terrible feeling... I worked for a facility in a small town for about 8 years and in that time we had about 3 different owners.
    They don't have to honor anything... You just never know how it's gonna be... It was never a good thing for the staff but what option do you have? It might not be too bad just wait and see.
  6. by   P_RN
    When our three hospitals merged the bennies were redrawn.

    Sick leave and vacation were turned int PTO to be used for either sick or vacation.

    Insurance was continued but at different costs.

    Uniform dress code was less restrictive to us, more so to them.

    The retirement/pension plan changed, but if you were vested in another from your original employer that was continued.

    I thought everyone paid SS. You will need so many quarters of SS in order to qualify for retirement under SS at 62-67.

    The best thing is to attend any Human Resources information meetings and don't listen to much to the "grapevine."
  7. by   Dr. Kate
    Have been through several of these changes over the years. It all depends on the company doing the buying. The best advice has already been given. Go to any and all meetings they have about the buyout and switch over to the new company. Ask all your questions until you get answers that make sense.
    The biggest thing is going to be the switch from not paying into SS to paying into it. Have you ever pain into SS. If so, this would be a good time to get a statement from them as to what benefits you have accrued there. HR can point you in the right direction on this, or call you local SS dept and ask how to request a summary of benefits. The county retirement and the SS you build up from now until you actually retire is not a bad package. When the buyout is complete be sure to look into 401K plans, stock purchase plans, as well as the other benes.
    Hang tight until the dust settles. This is hard to do. But, the last thing the new company wants is for everyone to jump ship. See what shakes down. Then decide where you want to be.
    Good Luck, this will be painful.
  8. by   Enright
    I've been through a few mergers and corporate changes...and they bit. The prior post gave very good advice....really, you need to know how many Social Security quarters you have to date. You may be surprised if you've had other jobs...I had a friend who is a missionary and about 5 years ago her organization decided to start paying into Social Security. She found out she had more in that she thought because of part time jobs she ahd held.

    It will be important for you to find out what will be yours "free and clear" and what will have strings attached. One company I worked for up and sent us all a check for our full pension but we had to do something with it ...you'll need to know that some retirement benefits can't pass through your hands or you can get socked with a terrible interest penalty.

    The worst of it for me (and I've been through it a few times) has been the loss of sick time. I've never been compensated for that.
  9. by   tiger
    thanks for all the replies. like i said, hopefully it won't happen. i knew i would lose my extended illness time, which is only about 175 hrs right now. my pto time is over 4oo but i'm taking some vacation time now to drop it below 320. it has to be below 320 on the anniversary of your hire date or you lose any hours above that. i think they will have to pay me that if it is not continued. i have paid into ss from 83 to 1990 and a little since then with part time jobs. i wondered if they would pay a lump sum for the 12 yrs i have in retirement or if it will sit and wait til i'm 65. don't want to wait til i'm 72. the thought of my pto time gets to me. right now i get a little over 22 hrs per month to use however i choose plus around 6 hours of sick time per month. can't imagine dropping to 1 or 2 weeks a year vacation. i'm spoiled with my benes. again thanks for the replies and suggestions. i'll let ya know what happens.

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