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Does anyone know what the increase is in year 10 for a partner ? I have heard it is significant in years 10 and 15.
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I don’t know of a big increase other than year 5 where you get to the full partner base salary. Other than the q3 year SPA (I think that’s the name) payments you just get the same base increase yearly as every other partner in your specialty.Comment
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I was told by our financial advisor who handled docs in the area that the year 10 and 15 bonuses were significant. Unfortunately he passed away last year. I will wait and see as this is year 10.Comment
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I was told by our financial advisor who handled docs in the area that the year 10 and 15 bonuses were significant. Unfortunately he passed away last year. I will wait and see as this is year 10.
Inaccurate.Comment
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Correction should have read:
I was told by our financial advisor who handled docs in the area that the year 10 and 15 RAISES were significant.Comment
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Here's what I'm looking at:
I've received an 8-page contract for an internal medicine job at KP nor cal. Did my residency here as well. A few questions...
Would there be any value in having a contract attorney look it over? The contract appears to be boilerplate, as if they filled in my name and pressed a "generate contract" button. The contract appears to have what I want, an 8/10ths primary care job at my desired location.
In the policy manual it says that you need 80% vote to make participant, and 85% vote to make senior physician. How exactly does this work? Are people voting on you who have never met you? Anyone with an idea on how many eligible physicians don't make participant or senior by virtue of being voted down?
Are there any other things I should be asking / considering at this point?
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Here’s what I’m looking at:
I’ve received an 8-page contract for an internal medicine job at KP nor cal. Did my residency here as well. A few questions…
Would there be any value in having a contract attorney look it over? The contract appears to be boilerplate, as if they filled in my name and pressed a “generate contract” button. The contract appears to have what I want, an 8/10ths primary care job at my desired location.
In the policy manual it says that you need 80% vote to make participant, and 85% vote to make senior physician. How exactly does this work? Are people voting on you who have never met you? Anyone with an idea on how many eligible physicians don’t make participant or senior by virtue of being voted down?
Are there any other things I should be asking / considering at this point?
Msg me and I can give u the lowdownComment
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What did FLP tell you?Comment
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Hello I Retired from TPMG about 3 years ago. Fascinating comments. Here is my plan... The pension which begins at age 65 increases 8% for every year you defer it. Some states do not tax pensions. I have 26 years in with TPMG so looking at 46% of base. If I wait until age 70 to take the pension the $$ goes up about 33%. When I turn 65 I will take the lump sum and invest in a California Muni fund. (specifically Vanguard intermediate) which I already have invested. This will generate about 3% completely tax free in CA. I will not take money out of my 401K. I do have deferred comp coming in over the years 65-70 which is taxed as regular income, but I still should be in a fairly low bracket given my Muni money coming in. The deferred comp will be taxed lower than had i received it as regular income while working. This should be enough (house is paid off) until age 70. Age 70 I start taking my TPMG pension at 33% more than if I had taken it at age 65, and if I have moved to a state with no income tax or does not tax pensions I have a state tax free pension. Also will have to take the mandatory 401K distributions which is fine, won't live forever. BTW my accountant advised against a Roth conversion for me. Love to hear what you all think about this. One more thing - you CAN avoid paying California State income tax on the lump sum if you move completely to another state (for example Nevada) by 12/31 in the year before you turn 65. I was unable as my wife and I are really bad at figuring out where to go. Family, etc.Comment
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good plan. you can avoid the Cali tax w SRP, but NOT the pension distribution by moving to a non income tax state, i think.
anyone been through all the SAGE series seminar? worked directly with them one on one basis?
also, any one remembers the early retirement package that was offered when tpmg was under severe financial stress back in the late 90s? was it 55yo full early?
Everyone talks about risk with non qualified deferred comp, but we have some idea what happened when tpmg almost couldn't meet payroll in the 90s right? working 11th/10th. Anyone who was w the group or remembers what it was like then, I love to hear more about it.Comment
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Does anyone know if TPMG allows employees to work for other non-TPMG hospitals? Itdoes not explicitly say that you cannot (in the contract) but just wanted to check with others here before discussing with HR. Thanks.Comment
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You can not use your medical license/skills for any non-tpmg related work (including advisory baords, giving talks for pharmaceuticals, etc.) without their permission. I doubt they would allow you to work at another hospital if you were on partner track.Comment
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This is correct. I’m a IM specialist and my only opportunity for moonlighting is TPMG urgent care rather than being able to moonlight in my specialty outside of TPMG.Comment
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Different topic: Anyone have any thoughts on the pension and what the variability might be if we see another economic or financial crisis ? I am a little distrustful of pensions and their promised payouts after seeing what's happen over a generation in corporate America.Comment
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Not worried from Kaiser standpoint. We were with Kaiser in 2007 downturn and IIRC the lowest funding was about 85% of future obligations.Comment
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