poll on hospitals that give retirement defined pensions and medical benefts - page 2
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... Read More
Jul 27, '03Does anyone else have a defined pension AND the option of a 403B with match from their hospital even though it might be only 2% like the above????
Aug 1, '03Can't seem to generate much discussion on retirement benefits which I thought that ALL nurses cared deeply about. I wonder why????
Aug 1, '03This is probably why we don't have retirement security. Perhaps everyone has simply given up. We have a 401K with a 5% match if we contribute 5% of our income. We also have a 403B plan available with no match. Of course with the market so far down, retirement is certainly not an option for long tenured employees. Perhaps the value of the retirement accounts will one day recover, but perhaps not. Low salaries have limited our ability to save for retirement--not that anyone is concerned, after all there is a shortage and they do not want us to be able to retire.
Aug 3, '03Linda,
Agree that low salaries are a hindrance to saving for retirement.
A question though, where do you think the capital in the defined benefit pension programs are invested? The market is immaterial as to whether it is high or low. Prudent investment choices will provide an adequate level of retirement income. This is an area that everyone needs to be basically educated on.
Ideally one should have both programs from their employer.
Aug 3, '03<<<A question though, where do you think the capital in the defined benefit pension programs are invested? The market is immaterial as to whether it is high or low. Prudent investment choices will provide an adequate level of retirement income. This is an area that everyone needs to be basically educated on.
Ideally one should have both programs from their employer.>>> Yes, everyone should be educated on investing. Our education through our employer continued to encourage us to invest aggressively--the message was that being too conservative would not allow your money to grow and you would have inadequate savings for retirement. This message was continued all through the last three years. I have continued to invest at the same rate through all of this, while I watched my accounts drop by about 50%. So I think some of the education seminars are a huge problem. Yes, my independent investment counselor told me the same thing. Now perhaps when all is said and done we will be fine, but it does not feel comfortable at the moment. I fully understand that the money is not pulled out the day you retire, but it is a major worry that I did not really have three years ago. Three years ago I thought I would be able to retire, or at least work part time by the time I was 62. Now it looks like I will be working full time until 66 or later and even them perhaps not be well positioned to leave the work force. I think the advantage of a defined pension benefit is that there is a guarantee that you will have a set income coming in every month when you retire. Big business most likely gets far better investment information than does a small investor. It is difficult to save large sums when your base salary is kept low. Of course the hospitals want us to continue to work extra shifts and into old age so they have no incentive to raise salaries or provide us with retirement benefits or health benefits after years of service.