Survey: Does your hospital pay a pension or have health ins. cont'd into retirement?

[justme1972]

I am taking a survey and wondering if you currently work or used to work for, hospitals that have the following:

1. A pension plan after your retirement.

2. Allows you to continue the health insurance plan INTO retirement so you can have that along with medicare.

[llg, PhD, RN]

Neither. We have a standard 403B retirement plan and no insurance benefits after retirement.

[Quickbeam, BSN, RN]

Not sure if this is helpful but....

I have in my career worked for 5 hospitals. 2 are no longer in existence and paid out former employees a small lump sum in lieu of a pension. 1 had no pension plan and the other 2 had very poor pension plans, less than 2% annual earnings put into your "bank". People would literally work a lifetime and get 300$ a month in "pension".

None of the 5 had any post-retirement health care coverage.

I'm now a state employee in a traditional pension plan that puts 14-16% a year into my fund. I can also use my sick time (unlimited accrual) to pay for post-retirement health care. But I'm not at a hospital.

[Fiona59]

Yup.

But then I work in the Great White North, home to socialized healthcare and unionized staff.

[verp]

I work in a small rural hospital...small retirement plan..no pension payments and no insurance offered for retirement.

[Gr8Dane]

The hospital I work for just has a 403B that they continue to attack yearly to "Save money". Went from a 401 to a 403b lol.

I hope to die before I can consider retirement as there wont be any!

[Jules A, MSN]

Great thread. The health benefit continuation option is huge, imo. Until we are old enough for government health benefits it is nearly cost prohibitive to purchase individual health benefits, especially because by that time many of us will be a tad old and have pre-existing health issues that the independent firms won't and don't have to touch. I spoke with a couple from New Jersey that were paying $2,000 a month in the interim.

[OC_An Khe]

Yes to pension, also have a 403b match. No to health insurance post retirement.

[classicdame, MSN, EdD]

We have a 401K and the hospital matches your contributions. The amount depends on length of employment but can really add up fast.

Negative for medical insurance after Medicare kicks in.

[Tweety, BSN, RN]

No pension, no insurance.

[P_RN, ADN, RN]

Quite fortunately back in the 50s the retirement person embezzeled the whole fund, The state then took ove all non profit health care facility retirement accounts. FF to the 21st centrury. By now there were 5 or 6 of us left who were still under the state plan. The rest are under a VALIC plan all 3-4000 of them.

I get full state retirement as does my husband. I do not get the insurance part, but he does and I am covered under it. THe other 3-4000 are dependent upon the stock market, I am not. I also have social security disablility and Medicare. Sometimes things work out even with the pain.

[OC_An Khe]

Remeber those pensions, even the state ones, are invested in the stock market as well as other types of investments. Just because you have a defined benefit pension doesn't mean you are immune from the stock, bond, real estate, and commodity markets. That is where the pension check comes from.