Medicated Money

Wednesday, July 05, 2006

Is That Your Final 'Offer?'

On Monday, I found out that I am being offered the job that I interviewed for 2 weeks ago. They called and I discussed the details of the offer with the HR representative. We were excited to hear their offer, and for the most part, it was a solid offer. There are 2 areas though, that are concerning. But first the good parts:

  • They came very close to matching my current salary, which I said would be a must and they thought would be difficult. The difference comes down to roughly 6% decrease. Overall, I am willing to accept this due to the fact that at the interview they thought it would be closer to a 15-20% decrease.
  • They offer a work-sponsor pension plan, vested at 5 years, that the company puts in all of the money. It sounds like a pension defined benefit plan with contribution by the employer, at least that is what it sounds to me. If you have a similar plan, please leave a comment and let me know what you think of the plan. The HR rep. was unsure of the details and the 'retirement specialist' was vacationing this week. On top of that, they offer a 403(b) plan with matching contributions of 50%, up to 5% of total salary, matching starts after 1 year employment.
  • 4 weeks of vacation, 10 National holidays, 1.5 accrue sick days/month, 4 personal days/year, and 5 days for work-related time-off.
  • They will pay for two annual conferences/year or $2,500 for CME hours, on a use or lose basis.
  • Full medical, dental, and vision; small fee for additional family members

Unfortunately, there is 2 issues that are at this time unresolved:

  • At this point, they have not offered any relocation package. I spoke with the HR rep about this, and she stated that she will look into it. To be honest, I'm a little disappointed that with moving across the country to accept this position, they just offered a package. I read that a normal package is roughly 8-10% of your yearly salary. What do others think? It definitely will not break the deal, but still, would be nice if it was offered?
  • Secondly, the health care package option will not start until 90 days of employment. I discussed with them the possibility of paying for the Cobra insurance during this time period. This also is up in the air on whether or not this will occur. Should I make this an issue or just pick up the cost? Debt Hater recently had a similar post on whether or not she should pick up this expense. We definitely will pay for it if it is not covered due to the fact that being in the medical field, I know how fast things can easily change.

As you can see, the little details need to be hammered out, but I think things for the most part are looking very good. We are definitely excited about the offer and plan to discuss everything over dinner tonight. Hopefully, we should have an answer by the end of the week.

1 Comments:

  • Hello Medicated Money
    I discovered your blog today as I was doing some research on Jane Bryant Quinn...thanks for the review of her recent book and some of the tips on asset allocation, very helpful! Sounds like a big career change in the works..good luck. Sounds like you work in the non-profit area and will have a 403b plan..great take advantage of it. A defined-benefit (pension plan) is a real plus. As you know employers are just not offering this type of plan any more. It will really boost your retirement savings and it would be extremely important to me if I were looking for a new job. Don't forget to roll you older 403b plan into a rollover IRA for real flexibility. Thanks again, I plan to exlore your website more. I have some great information on wwww.retirementthink.com Please visit!
    Nancy

    By Anonymous Nancy, at 8:55 PM, July 06, 2006  

Post a Comment

<< Home