Medical Residency Retirement - Why don't we get a match?

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DVMResident
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Re: Medical Residency Retirement - Why don't we get a match?

Post by DVMResident »

slippingsloth wrote:No match here as a resident here in california UCs
My veterinary residency was at the UCs. The funny thing was we could not be called "residents" because that brought all sorts of legal, HR, and Medicare issues. So we were regular employees (called "clinical specialists", a hyperbole, especially for the first year out of school). Anyways, we got a 3% match while the MD residents did not :P Though we were paid a whopping $38k/yr...in Los Angeles. I'm thinking $45k in North Carolina sounds pretty good.

I agree it's not enough money to worry about and isn't worth the political hit this early in the career.
lovenox11
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Re: Medical Residency Retirement - Why don't we get a match?

Post by lovenox11 »

At Ohio State all residents (an faculty) are automatically enrolled in the STRS (state teachers retirement system of Ohio). We then have mandatory 12% withdrawn from our paycheck pre-tax (by 2016 this will be 14% as their retirement system is underfunded) and the hospital contributes 8% for a total of 20% savings rate. Everyone in STRS doesn't participate in social security though.

You can enroll into a traditional pension plan (although you need to be with them for at least 5yrs) or into a defined contribution plan. I think this setup is very nice as it forces one to save and adjust their income to a lower paycheck due to money taken out for retirement account. I'm not sure if other big hospitals out there participate in such a setup.

https://www.strsoh.org/publications/ann ... cafrs.html

https://www.strsoh.org/publications.html
slippingsloth
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Re: Medical Residency Retirement - Why don't we get a match?

Post by slippingsloth »

As residents at UCalifornia we also have a mandatory 401a contribution in lieu of SS
letsgobobby
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Re: Medical Residency Retirement - Why don't we get a match?

Post by letsgobobby »

slippingsloth wrote:As residents at UCalifornia we also have a mandatory 401a contribution in lieu of SS
I was at UCLA from 00-03 - I recall getting a 5% match to our 403b or 401a? Is that in place now? My memory may be mistaken.
Calm Man
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Re: Medical Residency Retirement - Why don't we get a match?

Post by Calm Man »

My daughter is finishing the second year of a residency at Mt Sinai in NY. The residency website indicates that a 403b for residency but the residency handbook doesn't. No resident she knows of is in the 403b. She is, well, I don't need to say anything further about time or interest in checking it. Is it possible that a residency would not offer a 403b when it does to faculty?
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goodenyou
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Re: Medical Residency Retirement - Why don't we get a match?

Post by goodenyou »

Calm wrote:
Is it possible that a residency would not offer a 403b when it does to faculty?
Absolutely. Residents are 3rd class. First faculty, then staff (nurses, custodians etc.) then Residents. Residents have no standing in most programs and are not treated on par with Faculty.
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Re: Medical Residency Retirement - Why don't we get a match?

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (retirement plans).
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StormShadow
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Re: Medical Residency Retirement - Why don't we get a match?

Post by StormShadow »

letsgobobby wrote:
slippingsloth wrote:As residents at UCalifornia we also have a mandatory 401a contribution in lieu of SS
I was at UCLA from 00-03 - I recall getting a 5% match to our 403b or 401a? Is that in place now? My memory may be mistaken.
My brother-in-law completed his internal medicine residency and fellowship at UCLA just a few years after that. He told me they offered no match during his time there.
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