What pension/medical retirement benefits to you get?

[lee1]

Please tell me what pension/medical retirement benefits you get from your hospital employment??

We are ready to start union RN contract negoitiations at our hospital and we know this is a big issue since most nurses are in their 40s and have never had these benefits. We do have a 403K pension program, BUT, the hospital only matches 6% which could be only $3000/yr depending on your salary. Pretty poor, in our opinion and NO medical benefits other than medicare if you survive work to be eligible at the age of 67.

What is wrong with this picture???? This is something also the public and your politicians are not informed of. They somehow think the hospitals take care of their own!!! What should we do about that????

[NicuGal, MSN, RN]

We are a county hospital and we are in the public retirement system. We are vested for full medical after 10 years. :)

[NicuGal, MSN, RN]

We are a county hospital and we are in the public retirement system. We are vested for full medical after 10 years. :)

[-jt]

Thats what "retirement benefits" are - we're negotiating either the money to pay for nurses medical care when they retire after working for a place for certain number of years & until age 65 or the healthcare itself.

Times they are a changing.

[-jt]

Thats what "retirement benefits" are - we're negotiating either the money to pay for nurses medical care when they retire after working for a place for certain number of years & until age 65 or the healthcare itself.

Times they are a changing.

[lee1]

I guess this must not be a very important topic as not too many people have responded although I know that this is precisely what hospital nursing unions are striking over throughout the country.

So where is the conversation? Noone has pensions or retirement benefits at their jobs?

We need to improve our upcoming contract, please help to give us some language or ideas to add that are working in your jobs.

[Tweety, BSN, RN]

In Florida in a nonunion area, we have no retirement benefits or pension anymore. We must participate and contribute to a retirement savings plan, and they match a about 4 or 5%, I can't remember. It's not just in hospitals, but most nongovernment jobs around here have done away with fully paid pension/retirement plans and left us to fend for ourselves. What amazes me is the number of my coworkers who contribute nothing to our plan.

[baseline]

The fact that not too many people have responded is sort of depressing. Benefits are a major part of compensation.....and I wish everyday that I had had a 401k when I was 20.........I'd in Fla on vacation instead of working!

I am a contract employee with a for profit company and we are well compensated with pto and medical leave. Good health insurance and dental. Also a flexible spending plan that I just love.....As far as retirement goes, we have a 401k with matching at 6%. The non-profit hospital I worked for had both pension and 401k with 3% matching. No flex spending and not as much PTO.

[doobiedo, RN]

I worked for 15 yrs in one hospital until it closed. no 401k but there was a pension that supposedly is protected and hopefully I will see someday...that remains to be seen...

Worked more recent years for hospital with 403b ...no match and luckily I left when I did because the merger it underwent according to what I heard did no one any good in the benefits area..in fact most lost in including vacation and accumulated sick time..

I left the hospital scene for many reasons not the least of which was due to poor retirement plans.....best move I made

[Nurse Ratched, RN]

Pension plans in the traditional sense are a thing of the past. Even if there is one in place, the chances seem to be more and more that it will be underfunded, or the company will go out of business before you can collect from it. I've had 403B's wherever I've worked, but the company has either not matched, or matches a percent or two, IF the budget allows it in a given year.

Private management of your retirement is the only way to go, IMHO. No one else is going to watch out for you.

[lindalee]

Pension, medical benefits??? Not at my hospital. I have always contributed to my 401K and also into a 403B but with the market where it is, I should have played more and saved less. I don't mind so much saving for retirement but by keeping our salaries so low, they have limited our ability to contribute adequate amounts to retire. That is a major problem in my opinion. After all someone making 100K a year can save more than someone making $50K and for sure we are worth more that we are paid. (Think about the difference of 10% of 100,000 (10,000) and 50,000 (5,000) savings. Obviously few of us can maximally fund retirement accounts. With costs of living so very high if we are to fund our own retirements we need an income adequate to allow saving without doing without owning homes, and an occasional vacation. I still think people view this as a woman's' profession and compensate it accordingly. Most nurses I know are single parents and are unable to own homes, take nice vacations and do things they might enjoy--much less trying to fund retirement. I am sure the administrators have adequate retirement benefits.

[OC_An Khe]

Pension at my facility is small, almost non existent. Currently negotiating to increase 403b employer contribution and early retirement med insurance coverage.

One thing I agree with from previous post, Need to look out for your own retirement and not depend upon employer.

[ohbet]

Iv been working here along time,so I have a pension fund,I also invest in something called "Defered Compensation",which is mutal fund,tax defered plan,nothing matched by employer,which has really took a beating the last two years,but Ill fall back on the pension fund and if that fails,then Ill fall back on my hope of an after life.