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Contract Negotiation Part III

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  • Avatar TravisRADMD 
    Participant
    Status: Physician
    Posts: 11
    Joined: 08/24/2019
    Splash Refinancing Bonus

    Is it typical for “signing bonus” to be withheld and not distributed until official start date?

    #244207 Reply
    Avatar GoBlueMD 
    Participant
    Status: Physician
    Posts: 80
    Joined: 05/27/2017

    We give ours a couple weeks after signing. Allows the rad a chance to put a down payment on a home before starting. Or spend it on whatever.

    To have to bonus when you start is a little late to me.

    #244208 Reply
    Avatar mjohnson 
    Participant
    Status: Physician
    Posts: 49
    Joined: 05/05/2019

    I received half when I signed and the other half when I started.

    #244209 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2629
    Joined: 05/07/2017

    i’ve seen it but would not describe it as typical.

    i’ve also had people decide not to come after cashing the check.  there is some cost to undo these things, especially if decision to undo is made in different year than when check was cashed.  perhaps the offering organization has been burned in the past.

     

    #244214 Reply
    Liked by madinat
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4405
    Joined: 01/08/2016

    What did they tell you? What does your contract say?

    #244225 Reply
    Avatar ZZZ 
    Participant
    Status: Spouse
    Posts: 697
    Joined: 06/18/2018

    It’s not a singing bonus if you don’t get it when you sign.

    One more thing that’s negotiable.

    #244233 Reply
    Liked by madinat, ENT Doc
    Avatar Michael Scarn 
    Participant
    Status: Physician
    Posts: 24
    Joined: 12/09/2018

    You sign, they send. Otherwise, it may be called a starting or commencement bonus. Contract should specify.

    #244247 Reply
    childay childay 
    Participant
    Status: Physician
    Posts: 1009
    Joined: 01/09/2016

    Mine was half on start, and half at 1 year.

    #244257 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 6177
    Joined: 01/12/2016

    Got mine after credentialing which was dang near start date, kind of annoying but I can see the rationale.

    #244333 Reply
    Avatar MPDO 
    Participant
    Status: Physician
    Posts: 39
    Joined: 01/31/2018
    Earnest refinancing bonus

    I received half when I signed and half 30 days before the official start date.

    HOWEVER, looking back, I would have actually preferred receiving the whole thing with my first paycheck for the following reasons:

    1. I didn’t really need the money for anything in particular 6 months before I started. I ended up waiting until I received both halves and sending it all to the student loan company anyway.

    2. They paid out the two halves as 1099 income instead of W2, resulting in me having to pay payroll taxes that would have otherwise been covered (partially) by the employer.

    3. I moved to a different state for this job and received the two halves during two separate calendar years. This resulted extra hassle when filing taxes.

    Again, if you don’t need the money right away, consider accepting it as a commencement bonus with your first W2 paycheck.

    #244337 Reply
    Avatar TravisRADMD 
    Participant
    Status: Physician
    Posts: 11
    Joined: 08/24/2019

    So they accommodated 50:50 distribution. Half 30 days before and half at start. I need the cash so this was very helpful.

    #244338 Reply

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