Jump to content

NP with pension retirement plan?

Posted

Hi:

I wanted to know which companies/organizations offer pension retirement plans for NP's?

Thanks!

K.

traumaRUs, MSN, APRN, CNS

Specializes in Nephrology, Cardiology, ER, ICU. Has 27 years experience.

Pensions are few and far between. None of the hospital systems in my area offer pension anymore - its all 401k.

MrChicagoRN, RN

Specializes in Leadership, Psych, HomeCare, Amb. Care. Has 30 years experience.

Agreed. Actual pension plans are becoming rarer in America. We don't know where you live, so no one can throw out too many names, other than to look at the bigger systems and the VA.

A 401K/403B with a matching program is what you will usually find.

Jules A, MSN

Specializes in Family Nurse Practitioner.

Agreed. Actual pension plans are becoming rarer in America. We don't know where you live, so no one can throw out too many names, other than to look at the bigger systems and the VA.

A 401K/403B with a matching program is what you will usually find.

Nope, VA doesn't either. They have a generous match for their FERS which is more of a 401k/403B but to the best of my knowledge no more pension.

juan de la cruz, MSN, RN, NP

Specializes in APRN, Adult Critical Care. Has 27 years experience.

Depending on where you live, state employment may still offer a pension (California still does). Large healthcare corporations also still offer them (i.e., Kaiser Permanente).

Thank you for your replies. I just wonder if there are any California state facilities that offer pension besides the correctional facilities?

juan de la cruz, MSN, RN, NP

Specializes in APRN, Adult Critical Care. Has 27 years experience.

All five University of California Medical Centers (LA, SF, SD, Davis, Irvine) have similar benefits including a pension plan. The pay scale and health insurance options are different for each of the campuses (due to cost of living and market differences). UC campuses hire NP's for both in-patient and out-patient roles.

juan de la cruz, MSN, RN, NP

Specializes in APRN, Adult Critical Care. Has 27 years experience.

You could also look into county facilities and they do offer an employee pension plan. California has large county facilities that encompass trauma, in-patient and community-based care and I know NP's that work in them such as San Francisco General Hospital, Alameda Health System (Highland Hospital in Oakland is part of this), LA+USC and Harbor-UCLA Medical Center, Santa Clara Valley Medical Center.

Jules A, MSN

Specializes in Family Nurse Practitioner.

I don't really get the allure of a pension plan especially because in my experience the places that offer one usually pay terrible wages. Why not get a decent paying job, max out your 401k/b or whatever they offer and invest the rest of your money on your own for retirement?

juan de la cruz, MSN, RN, NP

Specializes in APRN, Adult Critical Care. Has 27 years experience.

I can't speak for all facilities in general but some public institutions that offer pension plans in the SF/Bay Area actually have higher salaries than the private sector. Even a private corporation such as Kaiser Permanente pays NP's (and physicians) better than most places. Employees in such places also have the option of a 403 (b) plan in addition to pension. This is likely a phenomenon that only exist in California and it could be the dirty phrase called "collective bargaining".

Jules A, MSN

Specializes in Family Nurse Practitioner.

I can't speak for all facilities in general but some public institutions that offer pension plans in the SF/Bay Area actually have higher salaries than the private sector. Even a private corporation such as Kaiser Permanente pays NP's (and physicians) better than most places. Employees in such places also have the option of a 403 (b) plan in addition to pension. This is likely a phenomenon that only exist in California and it could be the dirty phrase called "collective bargaining".

I'd be all over that sweet set up. :D

Thank you soooo much for all of your replies. It is highly appreciated!!!

Does California Community Colleges offer pension too, you think?

StocktonNurse, BSN, LVN, RN, EMT-B

Specializes in Cardiac ICU; CV Nursing; Medical Surg; Psychiatric. Has 12 years experience.

The VA has a great pension plan. You have a typical 401 type of pension, and then you have a seperate federal retirement system pension that increases depending on how much time you have in the VA.

Jules A, MSN

Specializes in Family Nurse Practitioner.

The VA has a great pension plan. You have a typical 401 type of pension, and then you have a seperate federal retirement system pension that increases depending on how much time you have in the VA.

I know the FERS is a good 401k type set up, which isn't a pension, but I'd double check your benefits because when I worked there they no longer offered the actual pension to new hires.

StocktonNurse, BSN, LVN, RN, EMT-B

Specializes in Cardiac ICU; CV Nursing; Medical Surg; Psychiatric. Has 12 years experience.

The 401K is called the Thrift Savings Plan (TSP) which they match and you invest into, then there is also the Federal Retirement System (FERS). The combination of the two creates your pension. For example, the FERS will kick you back $500 a month if you work federal for 5-10 years, and then you can make up to $2000+ in just FERS after 20-30 years of service. So you will get a combination of the FERS pension, and your invested TSP (i.e. 401) when you retire. Been working at the VA for 2+ years and this is the current pension system.

Jules A, MSN

Specializes in Family Nurse Practitioner.

Ahhhh interesting. I just checked and what I still have is the TSP account like the 401k. I had no clue they were still offering a true pension. I did know and struggled with letting go of the option of keeping their health benefits into retirement though. The salary was just so much lower when I went from RN to NP compared to what I got elsewhere. :(

verene, MSN

Specializes in mental health / psychiatic nursing.

At least one does; I have a relative who teaches at one of them and he will receive a pension when he retires. That being said, he was hired and reached tenure in an era where pensions were much more common -- I don't know if the CC still does pensions for new hires or if they have gone over to a 401k system.

juan de la cruz, MSN, RN, NP

Specializes in APRN, Adult Critical Care. Has 27 years experience.

Agree that CC's as part of the county and its associated employee benefits package would also offer pension. However, be aware that CC's rarely hire full time nursing faculty...most of their openings are clinical instructors who do not meet criteria for full time employment, hence, pension benefits (if offered) would take longer to get vested. In the end, the final pension pay off may be little.