poll on hospitals that give retirement defined pensions and medical benefts

  1. Please let us know if you work at a non state run hospital that offers defined pension benefits at retirement and a medical retirement package. What is included and do you pay a part of it? I am not talking 401 or 403B.
    •  
  2. 17 Comments

  3. by   lee1
    So I take it that NOONE on this HUGE discussion board has a defined pension or medical retirement benefits??? Come on now, some people here must have it other than state/federal nursing employees.
  4. by   renerian
    I do not work in a hospital so I cannot comment.

    renerian
  5. by   prmenrs
    I retired from "state-run" hospital system, and receive retirement income, health, dental and legal insurance from that system.

    I am now working part-time @ a private "system" hospital, and altho the position is casual, therefore, non-benefitted, I am able to contribute to a tax-sheltered 403(b) plan, and contribute to my social security account (when I hired @ the other system, I was not required to contribute to social security).

    I don't know if that answers your question or not.
  6. by   lee1
    Originally posted by prmenrs
    I retired from "state-run" hospital system, and receive retirement income, health, dental and legal insurance from that system.

    I am now working part-time @ a private "system" hospital, and altho the position is casual, therefore, non-benefitted, I am able to contribute to a tax-sheltered 403(b) plan, and contribute to my social security account (when I hired @ the other system, I was not required to contribute to social security).

    I don't know if that answers your question or not.
    Thanks, can you tell me approx what kind of pension monthly money you get????
    What do you think is better in the long run, a defined pension---set amount of money/month at retirement, or a 403 that the hospital has matched albeit only 6-7.5% and depends on you to save the rest watching your stocks sail up and down
  7. by   prmenrs
    The amount of the pension is computed using a formula of my age @ retirement and my length of service, and an average of my highest monthly compensation over the last few years preceeding retirement. The older you are @ retirement, the longer your service credit, and the more you got paid, the more you'll get, but I don't think anyone gets more than 80% of their pre-retirement salary. Mine is less than that because I didn't wait till I was 60 to retire.

    You could also make voluntary contributions to TSAs, IRAs, and you could select how much risk you wanted to take on those investments. I think there were 5 or 6 categories, including one "multi-asset", which was spread over ~ 4 of the others. The place I'm at now only has 3 funds to pick from, so who knows if I picked to right one. Then the guy had the nerve to ask me if I wanted to rollover my other funds to his--not likely!!

    I worked for a HUGE state university system--I doubt the average hospital, even a big corporate one could come close to matching it.

    I would go for the set pension, and try to do an IRA or something on the side.
  8. by   OC_An Khe
    In a small not for profit hospital we receive a defned benefit pension, with no contribution by the employee. In addition the hospital will match up to 3% to your 403b account.
    For retirees 65 and over the hospital doesn't provide any retirement medical benefits. If you retire before age 65 you can contnue to partcipate n the current medical insurance program but you have to pay the entire group premium until you are 65 then you have to switch to medicare.
  9. by   lee1
    If you pardon my asking but range are we talking about in your defined pension. How much money per month would you get in other words????
  10. by   renerian
    I think that is a little private and may be why people are not giving you their retirement pension amount.

    renerian
  11. by   prmenrs
    Originally posted by renerian
    I think that is a little private and may be why people are not giving you their retirement pension amount.

    renerian
    that would be correct.
  12. by   lee1
    Originally posted by renerian
    I think that is a little private and may be why people are not giving you their retirement pension amount.

    renerian
    Well, I am just trying to find out if most people are getting something worthwhile or not. My hospital does not offer a defined pension at present and we are in the throes of a contract renewal where a defined pension is something we have asked for but NOT been able to negotiate for. Today is our vote and we will find out soon if we are on strike or able to renegotiate. A defined pension has been a huge request by our nurses. We do get a 403B match now of up to 6% of your base salary, if you are saving more than 5%. Now, the problem with that is that if you make only an average salary of between $55,000-$70,000 yr and live in one of the highest cost of living areas in the USA ----NJ suburbs of NYC----what kind of money can you honestly be saving here, especially if you are the head of household and have children?? Our union can ge their parent organization union's pension program and we are asking that the match the hospital was making now be put into the pension program but the hospital has refused to budge on this. We would like to continue also our 403B but not be matched if we obtain the pension.
  13. by   renerian
    Good luck and let us know what happens.

    renerian
  14. by   lee1
    Lopsided vote authorizes nurses' strike

    Published in the Home News Tribune 7/11/03 By APARNA NARAYANAN
    HEALTH WRITERNEW BRUNSWICK: Registered nurses at Robert Wood Johnson University Hospital yesterday paved the way for a possible strike by overwhelmingly voting against a proposed labor contract."Thank God," said registered nurse Patricia Avila, after a vote count showed hospital nurses had authorized a strike. "I'm very discouraged they would treat nurses in such a disrespectful manner."Robert Wood Johnson nurses, members of the Professional Health Care Division of PACE Local 300, argue their compensation levels are below industry standards. Their chief concerns -- for higher salaries and retirement benefits -- were not satisfactorily addressed in the new package, they said."I know what's going on in nursing, and Robert Wood Johnson needs to get on the bandwagon," Avila said.The nurses' poll on a new three-year contract began at 6:30 a.m. yesterday and closed at 7 p.m. Out of 792 votes, 618 were against the contract, 173 in favor, and one was declared void.To authorize a strike, two-thirds of the votes had to be against the contract. The job action does not take effect immediately because federal law requires the nurses' union to give the hospital 10 days' notice of intent. Over 1,000 Robert Wood Johnson Hospital nurses are members of Local 300.During this period, the federal mediator, who has so far participated in contract negotiations, will "officially direct negotiations," hospital spokesman John Patella said yesterday."We value our nurses and will explore whatever opportunities remain to reach a settlement," he said.If a nursing strike does occur, the hospital "has contingency plans that will allow it to remain open and continue providing patients with quality care," Patella added, declining to discuss the plans.Hospital nurses also expressed hope that a settlement would be reached.Ellen Quinlan, a registered nurse at Robert Wood Johnson since 1980, said she expects the hospital to be back at the bargaining table within days."Robert Wood Johnson cannot afford to run without its nurses," she said, adding "our needs were not addressed, much less met, by this contract."Negotiations began in April between the nurses' union and hospital management on a new three-year contract. The hospital made its final offer on June 30, but the nurses' negotiating committee, describing the contract as inadequate, unanimously rejected it on July 1."It fell far below our expectations," Karen Carey, a registered nurse, said yesterday. The nurses' chief demands are for higher pay and retirement benefits.The entry-level wage for a nurse at the hospital is $24.54 an hour. The average starting salary for a registered nurse in New Jersey is between $24 and $30 an hour, or between $40,000 and $50,000 yearly, according to the New Jersey Hospital Association.Robert Wood Johnson nurses sought wage increases of 15 percent in the first year of the contract. The proposed contract offered wage increases of 5 percent in the first year, with a $2 market adjustment by the end of 2003.The 15 percent increase to the hourly rate that nurses seek will bring new hires up to the industry standards, hospital nurses argue. They especially oppose the peak hourly rate of $31.72, which is reached in the 15th year and remains flat thereafter.Although starting wages seem attractive, nurses' salaries "flatline" early and afford no long-term benefit to staying in the profession, they said.Robert Wood Johnson nurses demanded making each year in nursing a "pay step," with a corresponding hourly rate increase each year. The proposed contract adds three "pay steps" at years 20, 25 and 30, and makes each 50 cents higher than the previous pay step."It's too little, too late," Carey said. "At year 20, 25 and 30 you're looking to retire and the hospital is offering a 50-cent increase?"Nurses also described the hospital's proposed improvements to the existing pension plan as falling short of their expectations. In addition, they sought retirements benefits -- including a defined monthly pension and a yearly medical stipend of $3,000 -- demands that were rejected by hospital management.Their demand for a 36-hour work week to qualify for full-time benefits also was not adequately met, they said. Like her colleagues, registered nurse Judy Danella said she hopes a settlement could be reached on a new contract."None of us wants to strike. It hurts us as a hospital," she said. "But we feel we have the best nurses in the state. I hope they'll resolve it." Contributing: staff writer Raven Hill

close