Does your hospital offer a pension?

[ExCorporateRN]

Every corporation and hospital offers a self-funded 401K with a match. However, are pensions a thing of the past or do you have one at your hospital?

[SaderNurse05, BSN, RN]

All of the local hospitals in my area have poor plans- maybe a 3% match, nothing if you don't contribute. Might I suggest you look into public health- for example in Texas, many cities participate in a state retirement pogram. The employee puts in 7% and then the city matches it with 14%....And it usually performs well above the market.

[jamonit]

i work for mayo, they have a great pension. not many places do. sometimes county hospitals or VAs offer pensions. i prefer mayo to those settings, however.

(besides the white scrub part).

[anonymurse]

Mine is gradually phasing out of pensions. I don't think much of pensions (except Federal retirements) because they depend on the future solvency of the organization, and I see hard times ahead. Further, I don't think too highly of any fund that depends on the future solvency of the organizations it invests in (except Treasury bills).

[OC_An Khe]

Pensions can be a two edged sword. They really only benefit you if you stay at one employer for a long time and do it at the end of your career. Being part time also decreases pension. The previous poster remark about the financial stability of the employer is also correct. The good part of pensions is that you know your benefit in advance.

Personally if I was just starting out I would opt for a 401k or 403b plan over any defined benefit pension plan. It puts me in control not only of the investment end but increases my mobility/flexibility with regard to employment. At retirement any defined contribution plan (401k/403b) can be changed into a defined benefit plan by purchasing an immediate annuity.

[traumaRUs, MSN, APRN]

I worked for a hospital for 10 years and have both a pension (small) and a 401 k from them. Where I work currently (private practice) I have an SEP which is an employer-only funded contribution plan.

[Tweety, BSN, RN]

Pension plans are a thing of the past around here, not just in healthcare, but most industries, but for government work.

Our pension plan was dropped about 12 years ago in favor of a savings and investment plan. They match a small amount, but the bulk has to be contributed by us.

The upside is we can save and invest our money and earn more than a savings account and retire with more money than the pension plan.

The downside is that if you don't participate, you get nothing. I see many of my peers not participating. Or job hopping and cashing out their 401's.

[Diary/Dairy, RN]

Community Heath Network in Indianapolis offers a pension after working for them for 5 years, in addition to a 401K plan. I did not work there long enough to qualify, but it was nice to know it was there.

[llg, PhD, RN]

Over the course of my 30-year career, I have worked for 6 different hospitals in 6 different states. Two had pension plans and one of those wasn't all that great. If you worked there less than 5 years, you got absolutely nothing ... and even working there full time for 5.5 years, the total accrued in it was only about $10,000 when I left there. (The other one was a state retirement system that was pretty good, but I only worked there 2 years and didn't get a lot out of it.)

I much prefer the 403B or 401K type plans with the employer making some contributions. With those plans, I have been able to tax defer significant portions of my income and the money was "mine to keep" even though I might have worked there for only a couple of years. The money "goes with me" when I leave a job without any penalties and has accumulated steadily over the years to almost 300K. (I took 7 of those 30 career-years "off" and didn't contribute anything while I put myself through grad school twice.)

My current employer matches 50% of what I put in up to a maximum of 3% of my pay. They also throw in an additional 1% of my pay at the end of each fiscal year regardless of how much I contribute. That gives me a total of 4% of my salary added to my retirement account that is mine to keep immediately.

[brathrn]

I don't know a lot about pensions, but I believe the hospital I just started working for is good. I can start contributing up to 8% of my pay and they match 50%. I did choose 8%. If or when I choose to leave, I can roll it over. The hospital has various stocks they can invest it for you or you can choose. I'd love to hear what anyone else thinks!

[purplemania, BSN, RN]

I have never worked at a hospital with a pension plan. 401k's are offered. Currently my employer offers to contribute a base amount then they match your contribution up to an amount determined by how long you have been employed there. I am at 50% matching now and it really adds up. Also, now that I am over 55 I am able to contribute more tax free dollars to the 401K.

[nancykday]

I am a state employee. They provide a defined benifit pension plan and you can also participate in a defered comp plan. I worked at a local hospital and after 8 years I have a $200o dollar pension waiting for me when I retire. Give me a state job anytime. Only wish I had thought about retirement when I was younger.