Jump to content

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

Posted
justme1972 justme1972 (Member)

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

Specializes in Nursing Professional Development. Has 43 years experience.

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

Quickbeam, BSN, RN

Specializes in Government.

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

Has 18 years experience.

Yup.

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

verp

Specializes in OB,Med/Surg,LTC.

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

Gr8Dane

Specializes in Med/Surg.

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

Specializes in Family Nurse Practitioner.

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

Specializes in Critical Care,Recovery, ED. Has 40 years experience.

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

classicdame, MSN, EdD

Specializes in Hospital Education Coordinator.

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

Specializes in Med-Surg, Trauma, Ortho, Neuro, Cardiac. Has 28 years experience.

No pension, no insurance.

P_RN, ADN, RN

Specializes in ORTHOPAEDICS-CERTIFIED SINCE 89. Has 30 years experience.

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

Specializes in Critical Care,Recovery, ED. Has 40 years experience.

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.

I don't know anyone that worked in a hospital in the 20th or 21st Century that has health insurance after retirement. If there is someone they must have had a heck of a union. My husband has very good pension AND retirement fund because he had a very good union but they pay nothing towards your health insurance after you retire. That is why he is working till he is 66 because he will have to pay for his own health insurance up until medicare kicks in if he retires early. We will have to pay for our own medicare supplemental but so does everyone else. Only people I know that had decent pensions AND healthcare coverage after they retire are goverment workers.

Here in Sacramento, Kaiser has a pension plan that the employer contributes to, plus free health benefits post age 65 retirement. You have to be an employee for 15 years to get the health care benefit. They also have a 403B that the employee can contribute to. These benefits are so good because CNA is very strong within the Kaiser system. Of course you also have to use Kaiser exclusively as your retirement health care provider, which is a whole other issue in itself.

The Sutter system in Sacramento is different. They have a pension that the employer contributes to, but it depends on which affiliate you work at as to how much is contributed. Sutter also has a 403B that they employee can make contributions to. Different affiliates offer a cash account (up to $25K) that you can use to pay for reirement health care benefits.

The CHW is similar to Sutter in what they offer, but the amounts are less. CNA is not as strong in CHW and Sutter, therefore the benefits are not as extensive.

Finally there is the UC System. They have a pension that the employee pays into, but the UC Systems makes no contributions. I don't believe they have retirement health care either. CNA is involved in the UC System, but their barganing power doesn't seem very serious.

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.

I do know that there are different types of pensions, some are protected, and some are not.

Enron, is an example where people didn't diversify their funds and put all of their retirement options into employee stock (which many plans default to, unless you select something different). That is why so many lost so much.

Some pensions are protected that are not invested in stock (as no private hospital, for example, has stocks to invest in) that even if the entire hospital system goes out of business, the pension payments continue...but they are hard to find.

****************************

The reason I posted this thread was because I have an uncle that retired from a hospital that between social security and his pension, he gets almost $4,000 per month...he's debt free (house, car, no credit cards)...401K's only last as long as you have saved and are dependent on how long you live...his continues for the rest of his life.

I was wondering how common these were because when I graduate, I would like to find one of these hospitals to work at.

I heard that Bellevue hospital in NYC has a pension plan and healthcare benefits for you and your family for life if you work there for 10 years. I had to move out of NY and didn't look more into it, but that's what I understood they said when a Bellevue H's staff member visited our school in our final semester.

Guest
This topic is now closed to further replies.