401k Plan and Pension Plan

HM2VikingRN, RN · Nov 24, 2007

If you are looking for the best (read lowest cost) pension plan. Take a job with the VA.

See:

Federal Retirement Plan

VA employees are covered by the Federal Employees Retirement System (FERS). FERS is a three-tier retirement plan composed of Social Security benefits, FERS basic benefits, and the Thrift Savings Plan (TSP). Similar to the 401(k) savings plans widely available in the private sector, the TSP allows employees to tax defer as much as $15,500 of their income each year, subject to the requirements of the Internal Revenue Service. The Federal Government also provides a basic contribution and matching contribution, depending on the amount of the employee contribution. For retired military personnel, these benefits are in addition to full monthly retirement pay or pension.

In addition to FERS, VA provides health care insurance coverage for retired personnel.

Source: http://www.vacareers.va.gov/l2_Salary_Benefits.cfm#Link3 accessed today.

llg, PhD, RN · Nov 24, 2007

Any hospital should be quite willing to tell you about the specifics of their retirement plan as part of your job application / interview process. Don't hesitate to ask when you speak with the Nurse Recruiters. That's their job. They probably even have a written summary of benefits to give to applicants.

Tweety, BSN, RN · Nov 24, 2007

You will find almost all facilities offering some sort of 401K but pension plans are a part of the past. Be sure to ask them for specifics when interviewing.

Since your question involves a specific region of the country, I'm moving it to the TN forum. Good luck.

Lisa CCU RN, RN · Nov 27, 2007

Baptist Memphis matches 2:1 for 401 K.

SpiceChick01 · Nov 27, 2007

Do you have to be at Baptist for an extended period of time(like 5 years) to get the entire 2:1 match, or is it immediately given as soon as you start to contribute to your 401k?

Also, do they match UP TO A PERCENT of your salary like many places do, or the ENTIRE amount you contribute? Thanks!

meandragonbrett · Dec 7, 2007

Your best bet would be to contact the nurse recruiters at the individual facilities. This is the only way you will get 100% accurate information regarding the benefit packages.

tangoRN · May 16, 2009

just remember, in the us, retirement is supposed to be based on three legs, 1) social security 2) pension plan 3) a savings plan (401k, etc.). did anyone happen to notice what happened to your 401k recently (if you still have one, hahaha)? i myself lost a chunk, and i work with others who lost the equivalent of a year's salary or more! i work for a hospital group who only offers the 401k. just think what those nurses and other hourly workers who are newly retired or about to are going through. a hospital in my area just recently did away with their 401k plan. my son is in the military and i am strongly encouraging him to stay in for 20 yrs just so he will have something when he gets out. perhaps we should explore the possibility of pushing for a government backed pension plan for health care workers. after all, one day the politicians and their families will need our services!!! and don't we deserve some of the same type of benefits that our elected officials have seen fit to bequeath upon themselves?! now is the time to stand up and push for this! obama is likely to be more sympathetic than some corporate type like dick cheney!

Bicster · May 21, 2009

now is the time to stand up and push for this! obama is likely to be more sympathetic than some corporate type like dick cheney!

instead of spouting ignorant rhetoric, your time would be better spent learning what your politicians intend to do regarding: raising taxes, healthcare reform, capital gains, welfare, bailouts, the future of 401ks, etc, etc, etc.

"corporate types" generally advocate keeping money in the hands of the person who earned it. obama types generally advocate the spreading of wealth.

retirement is not based upon your 3 points. if you want to retire, and do so comfortably, you need to invest your money wisely and agressively (growth stock mutual funds, real estate, and ira). sure, my portfolio is down now, but this is the best time to invest. when the market recovers, ill be worth 200% more than before the recession.