Kaiser Physicians

A Monthly payment that begins at normal retirement age (typically 65). Continues for your life and/or the life of your spouse (depending on benefit election).

Calculated by multiplying your highest monthly income for 36 consecutive months by pension percentage (based on credited years of service).

In addition to the typical Plan 1 Pension, you may also receive the following benefits in some circumstances:

Full Early Retirement Benefit - If retiring before between ages 60-64, provides monthly pension payments until full Plan 1 pension begins at age 65.

Excess Benefit Lump Sum  - If income limits are exceeded when calculating Plan 1 pension, an additional lump sum is provided to the employee to compensate for IRS income limits (You may also receive an additional 8% payment on this lump sump to compensate for tax liability). 

• Contributions made by TPMG of 5% of Social Security wage base ($118,500) + 10% of income (exceeding $118,500 up to $265k)
• Employee chooses how this account is invested

There is a 5 year vesting schedule for TPMG contributions.  This means that you must be employed for 5 years to receive the entire TPMG contribution.

There are two options here: Component 1 and Component 2.  Both Component 1 and 2 can be converted to a Roth account. 

Contributions can be made on a pre-tax or after-tax (Roth) basis. Keep in mind that the route you choose should be made based on income expectations now and in the future. We recommend speaking with a financial advisor to understand pros and cons of each. You can choose how much to contribute, though there are maximum limits ($18,000 in 2016). There is a catch up provision which allows for an additional $6k contribution if 50 years of age or older.

Additional contributions can be made on an after tax basis. You can contribute up to 6% of your income on an after tax basis, though there are maximum limits ($14,425 in 2016). These contributions can be withdrawn at any age, but earnings on contributed funds are taxed at time of withdrawal.

• To qualify, prior year’s earnings must be at least $150k or more.
• Can contribute up to 100 percent of next years’ base salary or up to 100 percent of annual incentive pay earned the following year.
• No change can be made to the percentage elected once submitted, and you must make new elections each year.
• Each deferral will be paid as a single lump sum or quarterly over 3, 5, 10, or 15 years.
• Deferred income to be paid to you and recognized as income no sooner than 5 years from beginning of the elected deferral plan year.
• All distributions from Deferred Compensation plans are taxed at ordinary income rate and cannot be rolled over to an IRA account.

• Supplemental medical
• Dental
• Reimbursement of Medicare part B premiums if they have TPMG-sponsored medical coverage (for physicians and their spouse or domestic partner)
• Life insurance coverage for entire life equal to 60% of prorated base salary (if senior physician status at retirement) Eligibility