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indytiger
LSU Fan
baton rouge/indy
Member since Oct 2004
8756 posts

Anybody work at a hospital? How does your retirement plan work?
I ask b/c I was discussing retirement plans with a lady friend, who is a nurse at a parish hospital.

Her hospital puts 2% of regular hours worked (not OT) into some kind of fund. So essentially $1k a year.

Is this standard for hospitals? I felt bad for telling her that if she doesn't start something on her own, she will literally never be able to retire.



Tiguar
South Alabama Fan
Alabama
Member since Mar 2012
24303 posts

re: Anybody work at a hospital? How does your retirement plan work?
I work at a hospital. My retirement plan consists of bad living habits that will hopefully take my life by the time I am 70.


indytiger
LSU Fan
baton rouge/indy
Member since Oct 2004
8756 posts

re: Anybody work at a hospital? How does your retirement plan work?


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YoungManOldMan
George Washington Fan
Member since Dec 2017
1882 posts

re: Anybody work at a hospital? How does your retirement plan work?
Wife's hospital is terrible I thought but by all measures it's considered competitive for the field.

Pension, you only cap out at 40% after 30 years. No cost to employee.
401k matching to 1.5%
This post was edited on 2/7 at 1:44 pm


WhiskeyThrottle
Member since Nov 2017
300 posts
 Online 

re: Anybody work at a hospital? How does your retirement plan work?
My wife's a nurse. Standard 401k matching. 50% up up to 6% of your salary. They also have an IRA investment option which I hadn't seen before.


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LZ83
LSU Fan
La
Member since Sep 2016
7801 posts
 Online 

re: Anybody work at a hospital? How does your retirement plan work?
I work in a hospital. Our hospital puts in 4% if we put in 5%. I put in 6% and the hospital does 4%

Now they are offering HSAs
This post was edited on 2/7 at 1:47 pm


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Topisawtiger
LSU Fan
Mississippi
Member since Oct 2012
1922 posts

re: Anybody work at a hospital? How does your retirement plan work?
I work at UMMC in Mississippi. They take 9%, match at 15.6%. Vested after 8 years and give four years of military credit if you were in four years or longer.


corndawg85
Mississippi St. Fan
MS
Member since Oct 2013
610 posts
 Online 

re: Anybody work at a hospital? How does your retirement plan work?
quote:

I work at UMMC in Mississippi


It is considered a state ran institution so our retirement is with the state.

I'm here too. What's up!
This post was edited on 2/7 at 3:17 pm


Puffoluffagus
LSU Fan
Richmond, VA
Member since Feb 2009
3525 posts

re: Anybody work at a hospital? How does your retirement plan work?
quote:

Is this standard for hospitals? I felt bad for telling her that if she doesn't start something on her own, she will literally never be able to retire.


No. Most hospitals I know have some form of 401k or 403b fund.

My wife's used to March throughout the year, they just changed it that they would match in a lump sum at the end of the year instead now. Lame.


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YoungManOldMan
George Washington Fan
Member since Dec 2017
1882 posts

re: Anybody work at a hospital? How does your retirement plan work?
Can you explain? I'm not following. They'll match up to 15.6% of your salary in 401k?


corndawg85
Mississippi St. Fan
MS
Member since Oct 2013
610 posts
 Online 

re: Anybody work at a hospital? How does your retirement plan work?
Basically, they take 9% gross out of your paycheck every time and then they throw in 15.6% back into the retirement system for everyone not directly at your account. When you have put your 25 (for some it's 30) years into the system they take your 3 highest grossing years and then you get half your salary for the rest of your life.


YoungManOldMan
George Washington Fan
Member since Dec 2017
1882 posts

re: Anybody work at a hospital? How does your retirement plan work?
Yack. See the wife job and mine both have pensions. We contribute nothing though. Pretty sweet deal.


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Topisawtiger
LSU Fan
Mississippi
Member since Oct 2012
1922 posts

re: Anybody work at a hospital? How does your retirement plan work?
Hey bro. You a nurse too?


corndawg85
Mississippi St. Fan
MS
Member since Oct 2013
610 posts
 Online 

re: Anybody work at a hospital? How does your retirement plan work?
Na I’m in administration.


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CorkSoaker
LSU Fan
Member since Oct 2008
8793 posts

re: Anybody work at a hospital? How does your retirement plan work?
at singing river hospital in ocean springs, They steal your retirement and don’t have to pay it back.


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Scoop
LSU Fan
NWLa
Member since Sep 2005
40715 posts

re: Anybody work at a hospital? How does your retirement plan work?
I don’t work in a hospital but work for a healthcare based company that is diversified and has it’s fingers in the pot of most areas of provision.

They use 100% 401k matching with the standard three risk pools.

I’m not sure when they cap it because I’m still in the getting the kids out of the house and through college phase. As soon as that is all put to bed I will max that out.
This post was edited on 2/8 at 6:13 pm


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lsunurse
LSU Fan
Scottsdale, AZ
Member since Dec 2005
115925 posts

re: Anybody work at a hospital? How does your retirement plan work?
Hospital I work at used to be a county hospital. Even though they no longer have that affiliation they are still grandfathered into the AZ State Retirement fund(pension). They take out 11% each payperiod pretax(you don't have a choice if you are an employee). You are fully vested with 100% match after 10 years of employment. Eligible for retirement after getting so many points (age plus years of service has to equal 80).
This post was edited on 2/8 at 9:19 pm


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jennBN
Member since Jun 2010
1911 posts

re: Anybody work at a hospital? How does your retirement plan work?
I get an employer paid pension, 403B and at some hospitals a 457....she needs to rethink her strategy,


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