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Benefits as an Attending

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EctopicFetus

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I am wondering about how benefits work for ED docs attendings not residents. First off, I know there must be a lot of variation but I am wondering what you guys may know from 1st hand experience or anectdotely.

What are the retirement benefits? Pensions? matching into a 401(k) etc.

Thanks a lot.

Ectopic
 

spyderdoc

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EctopicFetus said:
I am wondering about how benefits work for ED docs attendings not residents. First off, I know there must be a lot of variation but I am wondering what you guys may know from 1st hand experience or anectdotely.

What are the retirement benefits? Pensions? matching into a 401(k) etc.

Thanks a lot.

Ectopic

Here at SoCal Kaiser, we get 401k, Keogh, a pension (up to 50% of highest salary), and lifetime medical benefits.
 

ERMudPhud

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spyderdoc said:
Here at SoCal Kaiser, we get 401k, Keogh, a pension (up to 50% of highest salary), and lifetime medical benefits.

:eek: Thats pretty awesome. How long do you have to work to be able to retire on 50% salary plus the rest?
 

spyderdoc

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ERMudPhud said:
:eek: Thats pretty awesome. How long do you have to work to be able to retire on 50% salary plus the rest?

Retirement Income
Formula
The formula for determining the amount of retirement income is:
2% of your Highest Average Compensation
x
Years of Credited Service up to 20 years
+
1% of your Highest Average Compensation
x
Years of Credited Service over 20 years
This formula determines the amount of the payment you will
receive if you begin receiving payments at age 65 and take a
monthly retirement income for the remainder of your life.
The amount of your payment will be actuarially adjusted if you
commence payments before or after age 65 and/or if you select a
payment option other than monthly payments for your lifetime.
 

docB

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Remember that Kaiser is sort of a special case and their benefits are fantastic although thier salaries are somewhat lower. That's not to say it's not a good deal depending on what is most important to you. In my group we get basically no benefits but have pretty high pay. My feeling is that if you compared my situation (high pay and no benefits) to a job like Kaiser (great benefits and lower pay) they probably come out about even.
 

EctopicFetus

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DocB whats the pay difference in your opinion? Im curious..
 

spyderdoc

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EctopicFetus said:
DocB whats the pay difference in your opinion? Im curious..

My base pay is about 180/yr based on 36 hrs/wk. But with holiday and shift differentials, plus a few extra (not required) shifts, I usually get in the 210+ range.....Plus vacation (3wks), education (1wk), and sick leave. I also get a 40k sign on bonus to be distributed over a 3 yr period...
Once I get partnership, I get yearly bonuses and other pay as well, boosting the base pay considerably....
Not horrible, but definetly in the low to mid region of the pay range for non-academic EM.
 

docB

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The figures that Spyder quoted are right on par with what I was looking at when considering Kaiser in northern CA. Many of my residency classmates went to work for Kaiser and I'd say it's the best deal for EPs in CA that I know of. Docs in my group generally make 250 to 325 with the variance caused by night/weekend differentials and productivity bonuses. Now remember that that's gross and no benefits so by the time I fund my own retirement and buy medical insurance, etc. I've basically spent the after tax extra $ that I make. That's why I said that my compensation and Spyder's working for Kaiser are probably about the same.

For anyone really looking to make a comparison between jobs be sure to look at compensation (meaning pay + benefits) and not just pay. For example I pay ~$200/ month for health insurance, I have ~10% of my monthly gross taken out pre tax and another 5% post tax for retirement. I have to pay for dental and eye care out of pocket.

Some jobs give you an education allowance so you can basically go to a conference free each year. Mine lets me take $2000 out of my check pre tax then submit docs to reimburse myself for books, conferences, licenses etc. It essentially gives me a 30% discount on that stuff but it's capped at $2000 and if you don't use it you lose it.

I think ACEP and AAEM have some stuff on their sites about how to realistically compare compensation.

Spyder didn't mention one of the best benefits of working for Kaiser. In addition to covering you malpractice Kaiser members usually have to go through arbitration before they can sue so that limits your liability a little more.
 

EctopicFetus

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I wonder how location changes pay and benefits. You guys have any idea which regions do better which regions do worse?
 

skeezixdoc

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Somewhere in the Annals of Emergency Medicine, I think last year, or on the ACEP website, there was an article with average pay for different areas of the country.

As I remember it the northeast, NYC, Boston, Phila, etc. was the lowest paying area, around 220K/year. The best paying was the southeast at around 250K average.
 

USAF MD '05

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skeezixdoc said:
Somewhere in the Annals of Emergency Medicine, I think last year, or on the ACEP website, there was an article with average pay for different areas of the country.

As I remember it the northeast, NYC, Boston, Phila, etc. was the lowest paying area, around 220K/year. The best paying was the southeast at around 250K average.

A graduating resident at Louisville just signed a contract somewhere in Georgia for 300K fresh out of training. I have no idea what her benefit package will be, but the base pay sounds nice! :horns:
 

southerndoc

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There are some excellent practice opportunities in Georgia. I've had three offers so far from medical directors whom I know from working as a paramedic. The least amount offered so far was $225,000 for 12 12-hour shifts per month. The most offered has been $325,000 for 13 10-hour shifts per month. All have included 401(k), pensions, insurance, life insurance, $5-20,000 educational allowances, etc. One took 5 years to reach partnership, while the other 2 were 3 years.
 

EctopicFetus

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Well financially... the south is sounding pretty good.. it certainly doesnt hurt that that is my geographic preference. I would imagine though that NC is low paying simply due to the number of programs there. Anymore help would be appreciated but the info you guys gave was great!
 
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