Our retirement package is comprised of two plans: our 401 (K) Plan, which is voluntary on the physician's part, and the Pension Plan, which is automatic and fully funded by the Medical Group into a trust.

You are eligible to enroll immediately into our 401 (K) Plan upon hire. If you currently have a 401 (K) or TSA/403 (b), you should be able to rollover funds into our 401 (K). The maximum allowable contribution per year is established by the IRS. The 2003 maximum is $40,000, $12,000 of which may be contributed on a pre-tax basis by the physician. If the physician contributes the maximum pre-tax amount into the 401(K), the entire amount of any eligible Incentive/Bonus will be placed into the physician's 401(K) plan on a pre-tax basis as long as the total contribution to the 401(K) does not exceed $40,000.

The exact amount of your pension is reached by using a specific formula. Your highest average compensation during the ten years prior to retirement is used to derive your highest average monthly salary. Then they take 1/2 of your highest average monthly salary and multiply this amount by 4% for each year of service. For example, a physician who has worked for CPMG for 20 years would receive 80% of 1/2 of his highest average monthly salary.

Physicians who retire with at least ten years of service at age 65, or age 60 if qualifying for full early retirement, will be eligible to receive medical coverage for the physician and their spouse at the same level as provided for active physicians throughout the physician's retirement. Upon eligibility for Medicare, an assignment of benefits to Kaiser Permanente is required.