Now that's what I call a benefits package

[brianmanahan]

hahahaaa...through your parents...rofl....hahahaaa

what? no.

i save 20$k per year just for my parents retirement, so they dont have to work until they are 80

 

[brianmanahan]

i didn't see a pension in there. if "DBP" means pension, i had no clue. and i didn't see any terms of what they are paid out with the pension if that is the case.

also, pensions aren't guaranteed anymore. coworker who works for boeing was telling me yesterday that he is getting screwed on what was supposed to be his pension due to some changes in policy.

yeah a DBP is a defined benefit pension

it is a very nice combination with a 401k. if you are vested and leave before retirement, you often get the choice of rolling a lump sum into an IRA or just staying in the pension

and if you are vested, there is only so much they can change. for a public company the pension is guaranteed by the PBGC so you can't lose it even if the company goes bankrupt, as long as you're vested

 

[purbeast0]

yeah a DBP is a defined benefit pension

it is a very nice combination with a 401k. if you are vested and leave before retirement, you often get the choice of rolling a lump sum into an IRA or just staying in the pension

and if you are vested, there is only so much they can change. for a public company the pension is guaranteed by the PBGC so you can't lose it even if the company goes bankrupt, as long as you're vested

gotcha. yeah that definitely sounds nice. had never heard of DBP before.

 

[brianmanahan]

gotcha. yeah that definitely sounds nice. had never heard of DBP before.

after you are vested, the biggest risk is that they just discontinue it

i vested into one at my first job so that'll be 5$k per year when i turn 62. of course that doesn't happen for 30 years, so i expect 5$k per year will buy me not a lot at all...

i guess thats the big gotcha - for best results you gotta stay at the company for a long time (or get the job with a pension pretty close to retirement). if you're not still employed there getting raises, inflation will make the payout worth less every year from the time you leave the company till the time you start receiving pension payments.

and that can lead to a golden handcuffs type situation, where you really want to leave your job but then your pension will be worth considerably less if you do. i have worked with a guy who REALLY wanted to leave the company but was trying to stay for 10 more years because that'd up his pension payout from about 30$k per year to 50$k per year

 

[Slew Foot]

damn, that's a good one. Is this kaiser? I thought they took that away?

Yeah Kaiser, its still in there, at least for physicians.

My wife is an RN on a cardiac care ward for one of the larger regional hospitals in NJ. Her benefits package is one of the worst I've ever seen.

The CA nurses union is pretty strong so the nurse get nice benefits, in turn, the physicians can usually get nice benefits if they band together and not act like independent idiots.

gotcha. yeah that definitely sounds nice. had never heard of DBP before.

Yeah 2% x years of service x max annual salary= annual payout after 60. Thats on top of the IRA

Definitely a real nice job

 

[Mai72]

after you are vested, the biggest risk is that they just discontinue it

i vested into one at my first job so that'll be 5$k per year when i turn 62. of course that doesn't happen for 30 years, so i expect 5$k per year will buy me not a lot at all...

i guess thats the big gotcha - for best results you gotta stay at the company for a long time (or get the job with a pension pretty close to retirement). if you're not still employed there getting raises, inflation will make the payout worth less every year from the time you leave the company till the time you start receiving pension payments.

and that can lead to a golden handcuffs type situation, where you really want to leave your job but then your pension will be worth considerably less if you do. i have worked with a guy who REALLY wanted to leave the company but was trying to stay for 10 more years because that'd up his pension payout from about 30$k per year to 50$k per year

On $30k he could have moved to SE Asia and his lifestyle would have gone thru the roof. Many retirees are settling in Vietnam. You can have a maid who will cook and clean for cheap. Also, the international hospitals are excellent and only a fraction of any hospital in America.

 

[Safeway]

This is how one of my jobs was. Free health insurance, dental insurance, etc. Free food every day at lunch and limitless snacks and drinks - beef jerky, Red Bull, anything that we requested, $10,000 espresso machine, etc. 100% vesting IMMEDIATELY in the 401(k) and a 100% match up to 10% salary. It was quite the gig.

FYI, DBP = Defined Benefits Plan.

 

[MarkXIX]

So what you're saying is that the medical industry is taking in too much money to be able to offer such a package, effectively putting your family on welfare. Thanks Obama!

 

[Tommy2000GT]

I assume it's either a Google or Facebook job

 

[s0me0nesmind1]

and if you are vested, there is only so much they can change. for a public company the pension is guaranteed by the PBGC so you can't lose it even if the company goes bankrupt, as long as you're vested

Uhhh wut?

Where did you get this from?

 

[Dr. Zaus]

Uhhh wut?

Where did you get this from?

http://en.wikipedia.org/wiki/Pension_Benefit_Guaranty_Corporation

Health Insurance: $0$50 payroll deduction, add spouse, all children, parents, and step-parents
Copay- $0 $1200 all in network services

Dental Insurance: $0 payroll deduction, add spouse, all children, parents, and step-parents
Copay- $010% all in network services,

Life Insurance: $1,000,000250,000 policy covered by employer

Long-term disability: 50%25% of income covered, additional coverage may be purchased.

Child Care: Up to 35 days/year of in house care can be reserved

Education Fund: $3000full ride for children's tuition at in-state rate

Vacation: 3-5 20weeks/yr depending on years worked, 1 week educational leave, 1 week sick leave. Unused time with unlimited accrual, can be paid out at retirement. Must be at the office 12 hours a week.

Maternity/Paternity: 12 wks per qualifying event minimum 1 year service


Retirement:
DBP: Vested after 5 10 years, accumulates at 2% 1% salary/yr, can be paid out at age 6063.
Savings plan: 5% 7.5% of total income can placed into savings at a 1:1 match, vested after 5 years. immediately

Post-retirement medical: Medical benefits are retained for life if retired with more than 15 years of service.

Post-retirement job: Can continue to work after retirement and receive 50% compensation and maintain medical benifits

Sabbatical: 9months off, paid, every 5 years

I struck-out and bolded changes that match my job. I'm sure it doesn't pay what a top-flight medical job does; but the benefits are quite good.

Though that post-job medical... nice.

 

[_Rick_]

The word package put me on the wrong track for this thread.

 

[dr150]

Nice! That's one of the reasons I'm doing a military career, that pension is freaking amazing. Also the health care, it cost 600k for my daughter to be born. I paid 0$ :awe:

What's her job?

I know military people collecting 2 pensions. They were Army. Met the retirement target. Then went OCS and became an Officer in the AF, and rode that out into retirement. :thumbsup:

If you don't die , there's tremendous benefit towards being in the military.

 

[dr150]

On $30k he could have moved to SE Asia and his lifestyle would have gone thru the roof. Many retirees are settling in Vietnam. You can have a maid who will cook and clean for cheap....

....You're missing the massage and daily blowjobs that are also part of the Bronze Service Package.

 

[SSSnail]

600k?????

His daughter was probably a premie and was in an incubator for a few months.

Anyways, this is why we don't need unions, the OP.

Edit: now I know why my and your healthcare cost so much, this and golden parachutes for the healthcare executives, and bonuses, and etc...

 

[RaistlinZ]

 

[Nograts]

600k?????

Gastroschisis

 

[Slew Foot]

His daughter was probably a premie and was in an incubator for a few months.

Anyways, this is why we don't need unions, the OP.

Edit: now I know why my and your healthcare cost so much, this and golden parachutes for the healthcare executives, and bonuses, and etc...

If you look at the numbers, total physician compensation amounts to about 10% of the total healthcare costs in the country, big business and the government would like you to believe otherwise, but the real driving force for higher costs is medical equiptment and prescription drugs.

 

[Attic]

Citi's is not even close to that.

Nor is Morgan Stanely's.

Not.
Even.
Close.

 

[Humpy]

She gets all of those great benefits plus a little sumthin' sumthin' from the handsome male nurses to help with stress relief, amirite OP?

 

[TheVrolok]

Sounds like I'm moving to Cali.

 

[BarkingGhostar]

My employer is very anti-family. Oh sure, they don't come right out and say it, but just adding someone other than the employee increases the costs of benefits by a factor of 2.5. And this from a company with 250K employees.

But please keep paying your wireless bill.

 

[Mixolydian]

Very nice. Mine are similar, but I'm not sure about the "extras" - all I know is I. Pay virtually nothing out of pocket for healthcare.

 

[Artdeco]

Healthcare, shes working as a physician for one of the largest hospitals in CA. Best part is I get to take more time off now

But dang, I still cant get over the free healthcare for life for parents/stepparents/kids (up to age 26). That's potentially a crap ton of money.

LOL, send me a PM, I work for the same company, read the first few lines and picked it out...

The bennies are the reason I work there, they're really good.

 

[Artdeco]

His daughter was probably a premie and was in an incubator for a few months.

Anyways, this is why we don't need unions, the OP.

Edit: now I know why my and your healthcare cost so much, this and golden parachutes for the healthcare executives, and bonuses, and etc...

And you'd be wrong, those are union negotiated benefits, the company the OP is talking about is affiliated with one of the most union friendly in the US, the package is exactly the same one as what the union negotiated, the physician group just copied our negotiated package.

Also, slewfoot, tell her to work her ass off to make partner, they can be pretty brutal with the selection process, I know some very good docs that didn't make the cut because of politics. She needs to suck up to her chief and all the other docs for the partner vote.