New contract questions

[mjanderson972]

wondering people's thoughts on these benefits for a job I'm looking at as a hosp employee:
Salary - about 390k
Pension (three yr to 100% vesting)- 3% salary for 5y then 4% to 10y them 5% from there on out.
Flexible investment fund- get 7% of salary that can go to investment fund (unfortunately not vanguard) or some towards disability plus investment fund. Kicker is it is a 5y cliff vesting to 100%.
403b/457(I think 457 is what I was told)- no contribution

1. Is 10% (not taken from my salary so additional money)- good, bad, average?
2. Thoughts on the pension?
3. Overall thoughts on this type of benefit plan?
Thanks!

[jfoxcpacfp]

That is all of your bene's? Health insurance? HSA contributions? Life? Disability?

10% seems fair enough but the 5-year cliff seems onerous. Really not enough information to comment further.

[mjanderson972]

Sorry- didn't clarify that I was only asking about those specific types of benefits. I get full health dents and vision. Life insurance that is 500k, million of accidental. 60d short term disability, long term disability which would be 15k per month starting at day 90. Health flex account and HSA are available. Really I was just wondering if 10% of the salary is good for retirement benefits and if the 5y cliff is a bit long, which I thought it was too. Thanks.

[jfoxcpacfp]

mjanderson972 wrote:

Sorry- didn’t clarify that I was only asking about those specific types of benefits. I get full health dents and vision. Life insurance that is 500k, million of accidental. 60d short term disability, long term disability which would be 15k per month starting at day 90. Health flex account and HSA are available. Really I was just wondering if 10% of the salary is good for retirement benefits and if the 5y cliff is a bit long, which I thought it was too. Thanks.

Click to expand...

Makes sense. If you are really interested in this job, there will be no negotiation on the cliff period as they would have to change the whole plan document so that all employees would have the same benefit.