Pension over tuition

roser13, ASN, RN · Nov 3, 2015

Really, you and your husband must make this decision. It totally depends upon your current financial situation with regard to upcoming retirement and your plans (or not) to continue your education.

p.s. You should really try to have your name removed from your post. If it's too late to Edit, then the moderators could help you.

imintrouble, BSN, RN · Nov 3, 2015

I think it depends on whether you'll utilize the advanced education option. If you're done with school go for the better pension.

It also depends on when you plan to retire. If it's at 62, then twelve years is not a lot to invest in a pension.

I'd sit down and write everything out in columns and numbers.

There are so many variables to consider.

Libby1987 · Nov 3, 2015

How do the orientation programs compare?

calivianya, BSN, RN · Nov 3, 2015

Go for the pension. Hands down. Hardly anybody offers those anymore.

How much more schooling are you anticipating doing, anyway? If you're planning on going back for your bachelor's and DNP, it might be worth it to pick the hospital with the good tuition benefits, but honestly, there are plenty of online BSN programs that are only going to cost you a few thousand bucks. I wouldn't throw away a pension for a couple thousand dollars' worth of tuition reimbursement, unless your plan is to go to the most expensive private university around to continue your education and you fully anticipate racking up $100k or something stupid in further student loans.

llg, PhD, RN · Nov 3, 2015

Depends on the details. The place without the pension offers a 403B. How much will they be contributing to it? How much will that 403B be worth when you retire? If you take the pension, how long do you have to work there to be vested? A problem with pensions is that you usually have to work there for a specified period of time before the pension is yours to keep. Often, that time period is something like 5 years. If you leave before the 5 years is up, you get 0 -- nada -- ziltch. With a 403B, it is common that the money is yours to keep as soon as it is deposited, even if you leave soon after. The employer contributes money into the 403B that is yours to keep even if you leave after only a few months of employment.

Also, as others have said ... would you use the tuition benefit? And how do the other benefits compare? Is one job more interesting to you than the other? etc. I would put weight on those things than on the difference between a pension and a 403B. Both pensions and 403B have their weaknesses and their benefits.

Jules A, MSN · Nov 4, 2015

With a 403B, it is common that the money is yours to keep as soon as it is deposited, even if you leave soon after. The employer contributes money into the 403B that is yours to keep even if you leave after only a few months of employment.

I always thought all the money you contribute is yours from the beginning but that the facility's matching contribution isn't yours until you are vested anywhere between 2-5 years?

xoemmylouox, ASN, RN · Nov 4, 2015

It depends. Are you planning on going back to school? How is the healthcare market where you are at?

I simply don't trust pension plans anymore. I have seen too many get eliminated or benefits cut to employees that have earned them. I am young and have (hopefully) many working years ahead of me, plus I am advancing my education. So with my bias and my current state the hospital offering a better tuition plan fits me better. For you.. I don't know enough about your circumstances to form an opinion.

BeachsideRN, ASN · Nov 4, 2015

I always thought all the money you contribute is yours from the beginning but that the facility's matching contribution isn't yours until you are vested anywhere between 2-5 years?

Yes your contribution is yours in the pension. In the 403b everything is yours including the employer contribution.

Jules A, MSN · Nov 4, 2015

In the 403b everything is yours including the employer contribution.

Right from the start or with a vesting period? Sorry if I'm being dense I always thought you had to work at a place for a while before you were able to keep the money they added. :)

BeachsideRN, ASN · Nov 4, 2015

Right from the start or with a vesting period? Sorry if I'm being dense I always thought you had to work at a place for a while before you were able to keep the money they added. :)

It might vary from place to place not sure. But the company I worked for that had a 403b made a contribution and as soon as it was in the account it was yours. No matter how long you stayed. If I remember correctly they didn't match until 3-6 months after hire. But after that it was mine to keep.

When I worked for the state university I lost the employer contribution into the retirement fund since I wasn't vested.

NurseGirl525, ASN, RN · Nov 4, 2015

Pension. You are almost 50. Why are you so worried about tuition reimbursement? I don't get that. So, say you want to go for your BSN, calculate how much that will cost. It really should not cost a whole lot. The pension is worth it's weight in gold these days. Very few people offer those. With you being almost 50, you should not invest aggressively in the market. So a 403B plan is not going to make you a whole lot over the next say 15 years. It's totally different if you are say 25. At 25, a person can aggressively invest and make more than maybe a pension would pay. At this stage of the game, you need stability.

Let me tell you, one set of my grandparents had a good amount of money saved. Then my grandfather decided to retire and invest in the stock market in some aggressive stocks thinking he would double his money or triple it. They lost it all. Everything they had worked for in their lives gone. It was sad. They had always spoiled me when I was young and did so many fun things with their money. They actually moved from their house, bought another and had it set on the side of a mountain on a huge lot of land they had bought. Then they lost it all and really, had to change their living. It affected everything. Do the pension.