Retirement Benefis

TheCommuter, BSN, RN · Dec 19, 2015

I've been in the workforce 18 years as of next month. I've been a nurse 10 years as of next month. None of my nursing jobs have offered defined benefit plans, a.k.a. pensions.

Only one of my previous non-nursing jobs offered a defined benefit plan. The workplace was a unionized grocery store in southern California. However, I hated that job with a passion and resigned less than a year after starting.

roser13, ASN, RN · Dec 19, 2015

The only defined pension plans still in existence are remainders for long-term employees, where the retirement plan is still in existence only due to their long-term employment. All of the rest of us contribute to 401k's with contributions by our employers, if we're lucky.

Editorial Team / Admin · Dec 19, 2015

I'll get a tiny pension when I retire, but most of my retirement income will come from my 401(k). My employer phased out the pension plan about 3 years after I started, but based on the options offered after that, I would do better with the pension and a slightly lower 401(k) match than I would have with the full 401(k) match. These options were only offered to current employees; all those hired after a certain date weren't given an option for a pension.

guest12/23/15 · Dec 19, 2015

That is a bummer that new employees did not have the option. I agree that pension would be a better because you cannot outlive the money compare to 401k. Unless you create your own pension.

guest12/23/15 · Dec 19, 2015

The only defined pension plans still in existence are remainders for long-term employees, where the retirement plan is still in existence only due to their long-term employment. All of the rest of us contribute to 401k's with contributions by our employers, if we're lucky.

Sorry to hear. The future of the benefits for healthcare employees does not look as good as it used to be.

RainMom · Dec 19, 2015

The only defined pension plans still in existence are remainders for long-term employees, where the retirement plan is still in existence only due to their long-term employment. All of the rest of us contribute to 401k's with contributions by our employers, if we're lucky.

I graduated in 2011 & work for a hospital network that still offers a pension in addition to a 403b.

roser13, ASN, RN · Dec 19, 2015

I graduated in 2011 & work for a hospital network that still offers a pension in addition to a 403b.

Woot woot! Happy for you! Our facility literally just dissolved even the old-timers' pension plan and paid them out. I didn't know anyone still offered a pension.

Sorry to hear. The future of the benefits for healthcare employees does not look as good as it used to be.
A pension is only as strong as its funding by the company. Some folks who worked all their lives with the assumption of a decent pension are devastated (emotionally & financially) when the company goes belly-up and has not provided funding for the Pension Plan.
Give me a 401(k) any day. It's my money, under my control, and my employer has already contributed.

nutella, MSN, RN · Dec 19, 2015

When I retire I will get retirement payments from Europe where I have paid into retirement for 15 years. In addition, I pay into a 403 b. There is also money from a pension - one of my previous employers paid a pension plan and after I left I got a letter stating that there was some money. I can get it paid out and pay taxes, leave it there or transfer it into a 401 k I guess.

There is one employer in my area who advertises job with "offer pension" to attract qualified employees.

Let's face it - I always thought that retiring early would be great but even though I save money for retirement I will not be able to retire earlier than age 65.

RainMom · Dec 19, 2015

A pension is only as strong as its funding by the company. Some folks who worked all their lives with the assumption of a decent pension are devastated (emotionally & financially) when the company goes belly-up and has not provided funding for the Pension Plan.

I've read that before and I may be too trusting, but the hospital I work for has been around for 100+ yrs, is part of a largish catholic system, & has taken over 2-3 other smaller hospitals in the short time I've been there. So it makes me feel as though the pension will be there when I want it, but I'm stocking away 10% in the 403b too (with plans to increase it to the max allowed in the next 5 yrs).

AuDDoc · Dec 19, 2015

The previous hospitals I worked at had 401k's with matching contributions. I currently work in the VA system and we pretty much have a glorified 401k with matching up to a certain percentage. Only a small amount of employees who were employed starting before the mid 80's are still under the old civil service retirement system.

I will probably end up working until I am dead since with student loan debt and the cost of living going up with stagnant wages makes it difficult to send much to my 401k. I am putting money in at the highest rate the VA system will match and maxing out my health savings account each year to lower my taxable income and decrease my out of pocket costs for medical care.

guest12/23/15 · Dec 19, 2015

I've read that before and I may be too trusting, but the hospital I work for has been around for 100+ yrs, is part of a largish catholic system, & has taken over 2-3 other smaller hospitals in the short time I've been there. So it makes me feel as though the pension will be there when I want it, but I'm stocking away 10% in the 403b too (with plans to increase it to the max allowed in the next 5 yrs).

If you are able to save (403b, personal investments, ect.)20% of your gross income you should be able to have nice retirement. Of course you should eliminate your short term as well as have 6-9 months of liquid savings before you really start putting more in the 403b which you are not really able to tap in before certain age unless you want to pay the penalty and taxes.