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Hello everyone,
I am currently in my 3rd year of OMFS residency and in the process of practice search/contract negotiations. Specifically, I am in contract negotiations with a practice that I would love to join. Without asking, I was offered a stipend for my last 18 months of residency. Now this is not an extravagant amount of money... but something I could use to payoff debt or contribute to savings so it is definitely intriguing. I was told it would require setting up an account with the bank they use (so they can pay in to it) and this would be in the form of a "Rabbi Trust." I did some research and I can not really find a specific instance where this was used for a stipend. The individual that offered this explained that it is a form of deferred compensation, and that in the event I do not decide to become a partner or buy the practice, I would owe it back. Has anyone out there heard of something like this? I have not received a copy of the contract to review yet, which is when I will learn more about it. Any input is greatly appreciated.
I am currently in my 3rd year of OMFS residency and in the process of practice search/contract negotiations. Specifically, I am in contract negotiations with a practice that I would love to join. Without asking, I was offered a stipend for my last 18 months of residency. Now this is not an extravagant amount of money... but something I could use to payoff debt or contribute to savings so it is definitely intriguing. I was told it would require setting up an account with the bank they use (so they can pay in to it) and this would be in the form of a "Rabbi Trust." I did some research and I can not really find a specific instance where this was used for a stipend. The individual that offered this explained that it is a form of deferred compensation, and that in the event I do not decide to become a partner or buy the practice, I would owe it back. Has anyone out there heard of something like this? I have not received a copy of the contract to review yet, which is when I will learn more about it. Any input is greatly appreciated.