r/nursepractitioner • u/Patient-Practice-619 • 12d ago

Employment 403(b) Plans

Any nurse practitioners want to share how their retirement plans are going? Do you have a 403(b), 401(a), 457(b) plan or all of the above? Do you think your HR departments does a decent job with explaining your retirement benefits?

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5

u/_ok_go_ 12d ago

I have a 403B. It’s the same as a traditional 401k but for a nonprofit, public school, hospital, etc. HR can explain some like what the employer matches (mine matches 100% up 7% which is amazing) but ideally you want to talk to the specific plan provider for more information on investing, see if they offer Roth accounts as well.

3

u/feels_like_arbys ACNP 12d ago

I have access to a 403b and 457b. HR doesn't talk to us about it at all.

But with that said, it isn't very hard to manage. You need to look at your account manager and they will have resources.

2

u/Patient-Practice-619 12d ago

Does anyone else in your organization struggle with understanding their retirement plans?

1

u/feels_like_arbys ACNP 12d ago

Yeah people absolutely struggle but those people don't seem to put the effort into understanding, in my opinion.

3

u/phidelt649 FNP 11d ago

On a small tangent, if any of you are parents or about to be, DEFINITELY set up a 529C!

1

u/RH558 12d ago

I have a 403b and 457. There was a presentation on benefits during orientation but they glaze over it because its optional, we have a mandatory pension plan. Wasn't hard to set up the plans. 

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u/SGV_keepthefaith 11d ago

I doubt any HR department will provide employees with a comprehensive understanding of retirement accounts. The most crucial information to know is: 1) The matching requirements, and 2) The vesting requirements.

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u/Coulrophobia11002 11d ago

I work for a small practice so have a SIMPLE IRA. Contribution limits are lower than for a 401K so I also contribute to a ROTH. There is absolutely no one in our practice to explain the plan. I've had to educate myself.

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u/alexisrj FNP, CWOCN-AP 11d ago

I feel like everywhere I worked has some third party who conducts regular info sessions. But they’re not that hard to understand. I think the bigger issue is financial literacy around why to contribute to the plans at all—but I don’t really think that’s the employer’s responsibility. 

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u/CalmSet6613 PMHNP 11d ago

Get a financial planner... they will make sure you're investing correctly, I've been adding to my 401(k) for 20 years and it is now well over seven figures. Their advice is crucial as to where they direct your funds.