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Does anyone know of Positions that offer pensions still? Or was that a thing of the past?
Outside of the VA, no. Not a reason to work at the VA per se, but if your career interests align with the VA system, it's a nice little bonus.Does anyone know of Positions that offer pensions still? Or was that a thing of the past?
A bunch. The last time I paid attention to it was over 10 years ago and it was somebody with 30 years at the VA.Does anyone know how many years you have to work at the VA to get any part of the pension? Just curious...
Sure, why not? You can math as well as I can I assume.I think if i'm reading the website calculation correctly, its minimum of 5 years. and its basically 1% of your salary for each year that is paid as pension on retirement. so if you were making 200k as a hospitalist at the VA and retired from them after 5 years, you would get a pension of 10k yearly until your death?
Kaiser and the VA are the only ones I know of. Kaiser is 2% of salary/year for the first 20 years you work for them then 1% thereafter. So if you work there 30 years, you get 50% of your salary for life. That's in addition to the generous 401(k) match and such.Does anyone know of Positions that offer pensions still? Or was that a thing of the past?
Kaiser and the VA are the only ones I know of. Kaiser is 2% of salary/year for the first 20 years you work for them then 1% thereafter. So if you work there 30 years, you get 50% of your salary for life. That's in addition to the generous 401(k) match and such.
If I remember correctly, the highest.Will the pension be based on your latest salary? starting salary? highest? average?
Typically it's going to be highest or average. But it's not like these jobs top out at $500k or anything.Will the pension be based on your latest salary? starting salary? highest? average?
Bingo. There is no reason to give up income potential for a "guaranteed" pension even if it is the biggest health care corporation in the US. There is a non-insignificant chance that the US will go to universal coverage within 15-20 years.Kaiser is a strong system but if somehow it goes bankrupt, your pension is gone too after 20+ years of thinking it would be there!
Kaiser is a strong system but if somehow it goes bankrupt, your pension is gone too after 20+ years of thinking it would be there!
Bingo. There is no reason to give up income potential for a "guaranteed" pension even if it is the biggest health care corporation in the US. There is a non-insignificant chance that the US will go to universal coverage within 15-20 years.
Does anyone know of Positions that offer pensions still? Or was that a thing of the past?
I'm not employed by Kaiser but have friends and relatives who are, and have gone to a Kaiser recruitment dinner in the past. Based on information from all of those sources, Kaiser supposedly has their pensions fully funded in advance, and if it were to go bankrupt today has enough firewalled money to provide for all current employees at their current level of benefits for the next 60 years or something.
Does anyone know of Positions that offer pensions still? Or was that a thing of the past?
The other thing to remember is that pensions are not 100% free.
For the VA, you now pay 4.4% of your salary to the FERS pension program (it used to be 0.8% if you were hired several years ago).
The multiplier is 1% x years served vs. 1.1% x years served if you retire after 62 with 20 or more years of service.
So after 30 years, it would be 33.3% of your salary (calculated as the average of your top 3 years)
For the University of California, you pay 7% of your salary to the UCRP pension program.
The multiplier is a bit more complicated, but maxes out at 2.5% at 65 years of age (at the time of retirement).
I'm not sure how Kaiser works in terms of paying into the program... haven't worked there full time.
Out of all of these, I would trust the federal government to stick around the longest... if they stop honoring their pensions, we'll have bigger problems to worry about than not getting our pension checks. Conversely, I could totally see CA going bankrupt.
good points cpt.
so what is the difference in obtaining a pension versus funding via 401k, 402b where the employer matches like 7% etc if one were to retire at
65yrs and live till like 90yrs? It sounds like a pension would be better if you can manage to stay employed with the same place long enough.
The other thing to remember is that pensions are not 100% free.
For the VA, you now pay 4.4% of your salary to the FERS pension program (it used to be 0.8% if you were hired several years ago).
The multiplier is 1% x years served vs. 1.1% x years served if you retire after 62 with 20 or more years of service.
So after 30 years, it would be 33.3% of your salary (calculated as the average of your top 3 years)
For the University of California, you pay 7% of your salary to the UCRP pension program.
The multiplier is a bit more complicated, but maxes out at 2.5% at 65 years of age (at the time of retirement).
I'm not sure how Kaiser works in terms of paying into the program... haven't worked there full time.
Out of all of these, I would trust the federal government to stick around the longest... if they stop honoring their pensions, we'll have bigger problems to worry about than not getting our pension checks. Conversely, I could totally see CA going bankrupt.
On top of pension, you'll have your 401(k) equivalent, SS, and your own personal savings as well. The pension is just a cherry on the cake.Wow so if I worked as a Hospitalist for 30 years at the VA, my pension would only be 75k each year (assuming 225k salary each yr) after retirement??