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Any Kaiser (TPMG) docs here?

Home Personal Finance and Budgeting Any Kaiser (TPMG) docs here?

  • Avatar Casual Observer 
    Participant
    Status: Spouse
    Posts: 3
    Joined: 01/17/2019

    Does anyone know what the increase is in year 10 for a partner ? I have heard it is significant in years 10 and 15.

    #182401 Reply
    Avatar Dru 
    Participant
    Status: Physician
    Posts: 50
    Joined: 01/09/2016

    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.

    #182520 Reply
    Avatar Casual Observer 
    Participant
    Status: Spouse
    Posts: 3
    Joined: 01/17/2019

    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.

    #182721 Reply
    Avatar fatlittlepig 
    Participant
    Status: Physician
    Posts: 468
    Joined: 01/26/2017

    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.

    Click to expand…

    Inaccurate.

    #182722 Reply
    Avatar Casual Observer 
    Participant
    Status: Spouse
    Posts: 3
    Joined: 01/17/2019

    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.

    #183466 Reply
    Avatar django 
    Participant
    Status: Resident
    Posts: 1
    Joined: 01/22/2019

    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?

     

     

    #183934 Reply
    Avatar fatlittlepig 
    Participant
    Status: Physician
    Posts: 468
    Joined: 01/26/2017
    Earnest refinancing bonus

    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?

     

     

    Click to expand…

    Msg me and I can give u the lowdown

    #184389 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 1443
    Joined: 09/18/2018

    What did FLP tell you?

    #184405 Reply
    Avatar wintermutt 
    Participant
    Status: Physician, Retired
    Posts: 2
    Joined: 03/02/2019

    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.

    #195341 Reply
    Liked by kaiserSosay
    Avatar kaiserSosay 
    Participant
    Status: Physician
    Posts: 2
    Joined: 08/09/2018

    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.

    #196738 Reply
    Avatar WhiteCoatSpouse 
    Participant
    Status: Spouse
    Posts: 4
    Joined: 02/02/2019

    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.

    #198536 Reply
    EJ at Dads, Dollars, and Debts EJ at Dads, Dollars, and Debts 
    Participant
    Status: Physician
    Posts: 220
    Joined: 12/01/2016

    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.

    - EJ @ DadsDollarsDebts.com

    Dad and Cardiologist. Trying to help dads with personal finance so they can focus on the family. Blogger at DadsDollarsDebts.com

    #198546 Reply
    Avatar Tri2Fly 
    Participant
    Status: Physician
    Posts: 18
    Joined: 03/25/2017

    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.

    #198571 Reply

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