HCA moves to screw over resident's 401K

[Siggy]

I'm a resident at a Florida HCA site and I just got a flyer in the mail from HR. Basically HCA is going to a yearly 401K match instead of a per period match. This has a couple implications. The biggest being that an HCA employee that leaves prior to December 31st will no longer get a 401K match.

HCA basically just took the retirement match away from residents for the last 6 months of residency.

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[deleted480308]

Boooooo

 

[tartesos]

Hca sucks.
Sorry man.


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[Raryn]

I'm a resident at a Florida HCA site and I just got a flyer in the mail from HR. Basically HCA is going to a yearly 401K match instead of a per period match. This has a couple implications. The biggest being that an HCA employee that leaves prior to December 31st will no longer get a 401K match.

HCA basically just took the retirement match away from residents for the last 6 months of residency.

I wonder what percentage of residents get a 401(k) match.

10%?

5%?

Less?

While it sucks the benefit is going down, you have to understand that having a 401(k) match as a resident is super unusual. Be happy you get any at all.

 

[Stroganoff]

I wonder what percentage of residents get a 401(k) match.

10%?

5%?

Less?

While it sucks the benefit is going down, you have to understand that having a 401(k) match as a resident is super unusual. Be happy you get any at all.

Wonder what HCA's rationale was. Screw residents and divert those funds to executive bonuses?

Still a dick move to screw over a captive employee pool.

 

[nlax30]

Rationale? HCA.... it’s about money.

 

[Siggy]

Wonder what HCA's rationale was. Screw residents and divert those funds to executive bonuses?

Still a dick move to screw over a captive employee pool.

To be fair, it affects everyone. However there's a disparate effect against a sizable chunk of people with July-June contracts.

 

[CDI]

I'm at an HCA residency as well. Suspect move by them, more annoying cause I'm graduating this year. Our match was relatively low anyways at 3%.

 

[tartesos]

I'm at an HCA residency as well. Suspect move by them, more annoying cause I'm graduating this year. Our match was relatively low anyways at 3%.

Glass half full, you are graduating this year.
Congrats!


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[Siggy]

I'm at an HCA residency as well. Suspect move by them, more annoying cause I'm graduating this year. Our match was relatively low anyways at 3%.

100% for 3% of your pay isn't too bad. I'm doing a fellowship at a different chain and it's a 50% match for up to 6% of pay. Depending on the vestment schedule, I'm considering just skipping it and dumping it into a Roth IRA instead.

 

[CDI]

Glass half full, you are graduating this year.
Congrats!


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That I am. Although they're trying to rope us into staying on for fellowships. Probably better to hit the road at this point...

 

[Siggy]

That I am. Although they're trying to rope us into staying on for fellowships. Probably better to hit the road at this point...

HAHAHA... no one from my residency is going to an HCA facility. I got asked "why I wasn't doing my fellowship with HCA" and my response was, "I applied, they didn't want to interview me." HCA is like Trump... loyalty goes one way.

 

[univlad]

I wonder what percentage of residents get a 401(k) match.

10%?

5%?

Less?

While it sucks the benefit is going down, you have to understand that having a 401(k) match as a resident is super unusual. Be happy you get any at all.

My state university program did not have any matching funds for resident retirement accounts.

 

[TMP-SMX]

Most require vesting prior leaving that employer. If you change programs (as most non-categorical programs do) then you miss out on a year of vested matching if the employer offers it in the first place. My current employer vests after 2 years. It can be waived if working at other nonprofits or university for 3 years.

 

[Mman]

My residency had a 3% match on your contributions, but it was on a crappy vesting schedule that basically would force you to stay on as an attending for several years to get 100% vested. I chose to pass and take a real job for a lot more money than I would have earned as an academic attending.

 

[The Physician Philosopher]

I wonder what percentage of residents get a 401(k) match.

10%?

5%?

Less?

While it sucks the benefit is going down, you have to understand that having a 401(k) match as a resident is super unusual. Be happy you get any at all.

My training program definitely did not have a match. When asked why they didn't do this they essentially said that it forced them to match all employees and that some sub-groups who were paid less than residents didn't want to be forced to contribute. Not sure how true that was at the time, but this was the reason that they gave the resident leadership.

 

[FlowRate]

I don't think any program that I interviewed at had a match that would vest at all before residency completion. That is, the vast majority didn't match and the ones that did required like 5 years for 25% match and 8 years for 100%. I guess it might be worthwhile for the neurosurg residents.