401k with match

[DPTErudition]

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My current employer doesn't have matching on 401k for the first 5 years and I think it's something abysmal like 3% afterwards. It's a pretty big company so I was surprised to find this out. Is it pretty common for pts to get shafted in terms of a match or is this the exception?

 

[Sheldon]

I've had it both ways. My first employer matched at 3% fully vested after 5 years, so, every year they vested 20% of my total. My current employer matches 6% fully vested after 5 years. I put 8% of my total salary in the 401K. If you are not happy with your employer 401K, look into Roth options.

 

[DPTErudition]

Yeah I'm maxing out a roth ira with vanguard every year since this company doesn't match right now. I'm still also putting about 6 percent into their 401k. I guess it's not completely unheard of though.

 

[jblil]

So the company only starts matching at year # 5? Does the matched amount get vested right away, or do you have to wait a few more years for full vesting? Your employer seems pretty tight-fisted. Does he make up for it in other ways, e.g., generous vacation, continuing ed, flextime, etc?

 

[DPTErudition]

I'm not even sure if it's fully vested or not. 5 years is a long time and I've only been there for one now, but that's definitely something I'll ask when we get a raise in February. We get 80 hrs of PTO a year and 1k for CEUs.

 

[jblil]

2 weeks of PTO and no 401k match till year 5... Is it pretty much the same benefits package, at other places that you interviewed with? How is the job, the environment, and the colleagues at your current place?

 

[HouseDPT]

The OP ortho chain I worked at as a tech, while taking prerequisites, started new grads off at 2 weeks PTO (that didn't roll over) with 3K CEU annually. Not sure about the 401K matching. DPTErudition's and Sheldon's 401K experiences sound really low. Hopefully, it's not an nation-wide industry trend.

The corporate sector administration job I had after college matched up to 4% after six months, and then up to 8% after the first year. I guess I was just naively expecting something similar.

 

[Sheldon]

In my case, every year of full-time employment is 20% toward full vestment, i.e., after year one, they contribute 6% of 20% of the total invested, after year two, they contribute 6% of 40% of the total invested, and increases 20% each full year until they are contributing 6% of the total (100%) I've invested. The employer matching at 6% as opposed to 3% seems legit to me.

 

[NewDPT31]

2 weeks of PTO and no 401k match till year 5.

HOLY CRAP. The 401k is gonna be hit or miss at different places. My job in AZ was automatic fully Vested with 6% match...so while I worked there I was pumping money into it. Now my job matches 4.5% and does that 5 year vesting scale.

3K is pretty reasonable for CEUs. Take full advantage of that.

BUT 80 hrs is ridiculous. All our therapists get 200/yr for first 5 yrs, and then 240/yr after that. I could see if you were a secretary or something getting 80 hrs, but that's super low for a therapist.

 

[DPTErudition]

The only other place I interviewed with was concentra. And they have amazing benefits and pay because it's workers comp. They also offered loan reiumbursement. I don't remember the specifics on what they offered, but it was a lot better than I'm getting at the cost of getting burnt out. My friends who worked for them saw 18-28 patients a day. I usually see around 10 right now.

The job is really great and low stress. My co-workers and patients are all really friendly and fun to be around. Everything else about the job is great. It's just crazy to me that I got better benefits when I worked at a plasma donation center as a tech than as a physical therapist.

*Also I forgot I went on a trip to Miami earlier in the year. We actually get 120 hrs PTO

 

[jblil]

All our therapists get 200/yr for first 5 yrs, and then 240/yr after that. I could see if you were a secretary or something getting 80 hrs, but that's super low for a therapist.

You mean the therapists at your place get 200 hrs of PTO right from the get-go? That's 5 weeks of vacation per year! I don't know about the healthcare industry, but in engineering and software that's unheard of. Usually you start with 3 weeks/yr. Heck, I'll gladly trade a lower salary for 5 weeks of vacation.

 

[NewDPT31]

You mean the therapists at your place get 200 hrs of PTO right from the get-go? That's 5 weeks of vacation per year! I don't know about the healthcare industry, but in engineering and software that's unheard of. Usually you start with 3 weeks/yr. Heck, I'll gladly trade a lower salary for 5 weeks of vacation.

Yeah it's pretty sweet. and We all do 4-10s, so if I want to take a 4 day weekend I just move my schedule around...(work M-R, and then T-F) without using PTO. 6-9 one on one patients a day.

 

[HouseDPT]

Yeah it's pretty sweet. and We all do 4-10s, so if I want to take a 4 day weekend I just move my schedule around...(work M-R, and then T-F) without using PTO. 6-9 one on one patients a day.

That's amazing. Are you still in Arizona or are you currently in Illinois? If you're in Illinois, would you mind messaging me where you currently work? (I'll understand if you feel uncomfortable with that.)

 

[DPTErudition]

So do most companies do a much better matching program or is the general consensus that it varies?

 

[jblil]

We all do 4-10s, so if I want to take a 4 day weekend I just move my schedule around...(work M-R, and then T-F) without using PTO. 6-9 one on one patients a day.

If your clinic/hospital gives out recruiting bonuses to employees for referrals, you'd be rich! ;-)

DPTErudition - the matching for 401ks is variable, but yours seems to be on the not-so-good side: low match, and long waiting for the match to kick in. Mercer Consulting is a consulting outfit that has a big presence in benefits consulting. Poke around their website, may be they have a survey of "average" benefits. Keep in mind that benefits may also depend on the field you're in; for ex., in software you often get stock options.