I am doing a research to find how many more hospitals still provide defined benefit plan for nurses. What I mean by that is that when you retire you will be getting retirement check for rest of your life. In general many hospitals do have 401 (k) or 403 (b) for their nurses but not pension which is the defined benefit plan.
Here in Hawaii, the pension is going away do to the high cost of running it for the hospitals.
In general, the benefits are getting smaller than hey used to be.
I contribute to a pension fund at work. My employer also provides full time employees with 3-4000 each year for added spending. I put that money into an RRSP.
Still, it's not going to be enough in 20 years with inflation. As a result, I save 30 percent of my income each month. I'll do this for as long as I am able.
I am a school nurse. One of the perks of that is that I will receive a pension from the State, being fully vested after 10 years of service. I also have a 403b that I contribute to.
I am doing a research to find how many more hospitals still provide defined benefit plan for nurses. What I mean by that is that when you retire you will be getting retirement check for rest of your life. In general many hospitals do have 401 (k) or 403 (b) for their nurses but not pension which is the defined benefit plan.
Here in Hawaii, the pension is going away do to the high cost of running it for the hospitals.
In general, the benefits are getting smaller than hey used to be.
Thank you
I have a pension because I'm in a union. The hospital tries to get rid of the pension just about every contract. Even had a strike over it about 5 years ago.
Not many traditional pension plans out there anymore. My Mom had one as a nurse, but she started working for that hospital in 1979. That plan went the way of the dinosaur a while ago, now I believe that hospital offers a 401k with small company match.
Not nursing related but the traditional pension has been in the news a lot lately around here as it is bankrupting a local government and the city is doing everything in their power to get rid of it. From the news stories I've seen they have already cut pension benefits to recent retirees and are trying to eliminate it altogether in favor of a different plan for current employees. The area of greatest concern is of course escalating health care costs and the pension as currently set up can't sustain the insurance benefits included in the pension plan.
Specializes in CCU, SICU, CVSICU, Precepting & Teaching.
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.
Pensions have gone the way of the dodo bird. That's just the way things are. On the other hand, a close friend of mine worked for 30 years for a company that had no 401k plan, but had a pension plan instead. When he was ready to retire, it seems that the company had raided the pension fund, and there was no money. The pension that he was counting on was nonexistent. He's still working, trying to save money for retirement, but because he got such a late start he'll probably never be able to actually quit working.
Pensions have gone the way of the dodo bird. That's just the way things are. On the other hand, a close friend of mine worked for 30 years for a company that had no 401k plan, but had a pension plan instead. When he was ready to retire, it seems that the company had raided the pension fund, and there was no money. The pension that he was counting on was nonexistent. He's still working, trying to save money for retirement, but because he got such a late start he'll probably never be able to actually quit working.
Very true. There have certainly been enough stories about pension plans that have gone broke either from mismanagement or theft to make a person feel totally comfortable relying on one for retirement funds.
joanna73, BSN, RN
4,767 Posts
I contribute to a pension fund at work. My employer also provides full time employees with 3-4000 each year for added spending. I put that money into an RRSP.
Still, it's not going to be enough in 20 years with inflation. As a result, I save 30 percent of my income each month. I'll do this for as long as I am able.