| Kaiser Permanente
Physician & Employee Retirement Plan (KPPERP) |
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The Retirement
Plan |
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Corporate paid |
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Eligible on first anniversary
of employment (if a minimum of 1,000 hours is worked during
the first calendar year): |
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A defined benefit plan |
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Death benefits to designated Beneficiary(s), if vested |
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Benefits are provided beginning at age 65 |
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Retirement: |
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Early retirement (at age 55 with a minimum of 15 years
of service) provides
actuarially reduced pension payment |
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Normal Retirement at age 65 or later |
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Retirement income is based on: |
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Final Average Monthly Compensation (FAMC):
Your highest compensation rate during a consecutive 60-month
period |
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Credited Service:
Year of credited service = calendar year (beginning at
date of hire) in which compensated for 2,000 hours; proportional
credited service = compensated hours divided by 2,000
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How your benefit is calculated: |
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The normal retirement (age 65) benefit is calculated
using a formula based on: |
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Your years of credited service; and |
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Your final average monthly compensation |
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This benefit formula works like this: |
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1.3% of your final
average monthly pay |
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Your years of credited service
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1.95% of your final average
monthly pay
(Above Social Security Covered Compensation) |
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Your years of credited service
up to 35 years |
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Payment Options: |
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Single life annuity, joint & survivor annuity, guaranteed
years of payment or single sum payment |
| TSPMG
401(k) Plan |
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Voluntary Plan |
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You are eligible to enroll the first of
the quarter after six months of employment |
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You may contribute between 1% and 60% of
your eligible compensation to the plan |
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If you currently have a 401(k)
or TSA/ 403(b), you are eligible to roll pre-tax contributions
into TSPMG’s plan from your date of hire |
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The 2006 IRS maximum contribution
is $15,000 for those under 50 years of age and $20,000
for those over age 50 |
| Guaranteed Insurability |
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At TSPMG, we know that medical coverage is as important in your post-practice years as it is while you are working. As indicated in your Benefits brochure, TSPMG offers several medical plans to actively employed physicians. Effective January 1, 2010, we will also offer guaranteed medical coverage if you leave TSPMG after 15 years of service and are at least age 55, but less than 65 - "Guaranteed Insurability". You incur the cost of these benefits. They are available to you and your eligible dependents, and do not require evidence of insurability, giving you peace of mind to enjoy your post-practice years while maintaining medical benefits. Through Guaranteed Insurability, you are able to continue your coverage on any of the plans we offer to actively employed physicians. Upon reaching age 65, you become eligible for Medicare supplemental plans and may convert to a KFHP of Georgia Senior Advantage plan at that time.
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