NP with pension retirement plan?

[kellyjnurse]

Hi:

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

Thanks!

K.

[StocktonNurse, BSN, LVN, RN, EMT-B]

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]

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]

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]

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]

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.

[Corey Narry, MSN, RN, NP]

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.

[BirkieGirl]

also keep in mind that just because you have a pension, it may not be there when you are ready to draw it. just ask the thousands of white collar General Motors guys in my neck of the woods who retired with a pension, and lost it immediately when GM declared bankruptcy...MANY people i know directly affected...hubs and i also know city workers who lost theirs when the city declared bankruptcy...invest your money for your own future, it's the only guaranteed retirement fund (says Dave Ramsey).