Lexington2012

5+ Year Member
Sep 8, 2012
373
161
Lexington, KY
Status
Pharmacy Student
Another poster mentioned that he was a pharmacist and will be getting a pension. I'm not aware of any companies that offer this sort of benefit. Who offers a pension plan in 2015?
 

sakigt

Junior Member
10+ Year Member
Apr 19, 2006
943
380
Jacksonville, FL
Status
Pharmacist
I have one but the company discontinued it in 2004. But I was here before that in another role. Suckas!
 
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DestinationMD

2+ Year Member
Jun 29, 2015
12
6
Status
Pre-Medical
There aren't many left there in the wild. I don't even think VA jobs offer pensions anymore but I may be wrong. If you're lucky enough to be making 120k and have a decent 401k match you should be able to save plenty for retirement though.
 

PumpkinSmasher

Pharmacist
10+ Year Member
Jul 11, 2007
1,288
210
Status
Pharmacist
Very few employers still offer pension.

Public health service, state hospital and prison , military, county health department, state pharmacy school and board of pharmacy are the options in my state that I know of who offer pensions.

I work for one the above mentioned employers as a clinical pharmacist. The pension is a great perk but I still max out my 457b deferred savings account.

I don't recommend choosing a job based on pension, you have to enjoy doing it for 20-40 years. I feel blessed to really enjoy my job and have great salary and benefits.
 

Its Z

Retired
7+ Year Member
May 15, 2010
4,849
162
Status
Pharmacist
Sutter and Dignity Health in CA do. In the amount of about 5% of your salary. 100% employer contribution.
 

bacillus1

10+ Year Member
May 27, 2008
2,814
456
Status
Pharmacist
Sutter and Dignity Health in CA do. In the amount of about 5% of your salary. 100% employer contribution.
Whoa, I gotta get my California license and switch to Sutter then.

VA still offers pension, but your contribution will be about 4.4%.
 

PumpkinSmasher

Pharmacist
10+ Year Member
Jul 11, 2007
1,288
210
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Pharmacist
Interesting, I didn't realize there were many hospitals still doing this. My spouses hospital offers a small pension but I think they are trying to phase this out.
 

Eviscerate

Cold Blood, Eviscerate
10+ Year Member
7+ Year Member
Aug 1, 2007
43
0
Status
Pharmacy Student
The hospital I work at offers a pension. It is state owned.
 

MatCauthon

10+ Year Member
Sep 15, 2008
648
453
Status
Don't get too excited about pensions. What looks to be guaranteed now, can easily be wiped out by a future Republican government (either on state or federal level).
Just read the news about pension plans if you don't believe me. We are a nation of debt and one of the easiest ways to reduce debt burden is to wipe out pension obligations. The demographics, birth rates, and debt levels of this country do not provide for a favorable pension outlook over the next 30 years.

I would much rather have my retirement money in my hands than in the hands of government and business leaders that can nuke a pension plan at any time.
 

PumpkinSmasher

Pharmacist
10+ Year Member
Jul 11, 2007
1,288
210
Status
Pharmacist
Don't get too excited about pensions. What looks to be guaranteed now, can easily be wiped out by a future Republican government (either on state or federal level).
Just read the news about pension plans if you don't believe me. We are a nation of debt and one of the easiest ways to reduce debt burden is to wipe out pension obligations. The demographics, birth rates, and debt levels of this country do not provide for a favorable pension outlook over the next 30 years.

I would much rather have my retirement money in my hands than in the hands of government and business leaders that can nuke a pension plan at any time.
Completely agree. If my pension is there when I retire/make it to retirement age ;), then that is great. I am not betting on it though. Still recommend maxing out other tax deferred accounts and investing after tax funds in other investments.
 
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rph3664

7+ Year Member
Jul 5, 2010
2,465
366
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Pharmacist
Some hospitals still do. I'll qualify after a total of 5 years at my primary job.
My old hospital, where I worked for almost 7 years, did.

I recently got a letter stating that I could draw from it in any of 3 ways: $108 a month starting right about now; $271 a month starting on my 65th birthday; or the whole annuity right now, which could be rolled over into my 403b without penalty.

I will be getting a 5-figure infusion into my retirement account any day now. After the way they screwed me over, I hope it multiples many times over by the time I need to draw on it.
 

BidingMyTime

Lost Shaker Of Salt
10+ Year Member
Oct 2, 2006
3,668
2,747
Illinois
Status
Pharmacist
Few places offer pensions, people who are getting them, are getting them because they were working before the date that their employer phased out the pensions. Even then, just because one is getting a pension, doesn't mean they are actually getting a livable amount. My monthly hospital pension is expected to be less than what I currently make in one day (granted I got in on the tail end, its all 403-B now....but still. Certainly its better than nothing, but it is not something that I could retire and live on.)
 
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rph3664

7+ Year Member
Jul 5, 2010
2,465
366
Status
Pharmacist
My old hospital, where I worked for almost 7 years, did.

I recently got a letter stating that I could draw from it in any of 3 ways: $108 a month starting right about now; $271 a month starting on my 65th birthday; or the whole annuity right now, which could be rolled over into my 403b without penalty.

I will be getting a 5-figure infusion into my retirement account any day now. After the way they screwed me over, I hope it multiples many times over by the time I need to draw on it.
I checked that account online later in the evening. Got it! :highfive:
 
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Monsterdaddy

RPh, PharmD, MBA
10+ Year Member
Jul 29, 2009
266
137
Arizona
Status
Pharmacist
There are two different types of pensions, the old fashioned defined benefit (riskier if underfunded) and the newer and becoming more popular defined contribution.

Dignity Health has a defined contribution plan where the company provides 6% of your salary annually and previous balances earn 5%. Good deal on top of a 403(b) with less risk of winding up with nothing (because it is defined contribution -- you may take it out/roll it over).

Maricopa Integrated Health Systems offers a pension through the state retirement system that you need to contribute some amount to. Mayo Clinic also a defined benefit pension plan with no contribution needed from employees. I think many hospitals systems still have some form of pension.

You can Google them like I did.
 

xiphoid2010

10+ Year Member
Aug 23, 2007
2,950
310
Texas
Status
Pharmacist
Some major Phama might. I'll get about $800 a month 60 something for working as a medicinal chemist before pharmacy school. Of course by then $800 would be like $200 today. :)
 
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