airslant Posted June 23, 2017 Share Posted June 23, 2017 I have a choice to make. Stay at my current job at a tribal facility as a salaried employee or join the USPHS doing the exact same job. I was set on USPHS but was just given a raise that has made me think twice. Only the pay and benefits change but it's a huge difference. The current job pays much better now. The USPHS starts really low but has a pension that is very tempting. Details below... Current setup: Salary: 115k (talk of RVUs starting in October but no details yet) PTO: 22 days Sick: 13 days Retirement: CME and licensing: 3000 plus 5 paid days 401k with 4% matching and 5% profit sharing PRN: Fast track shifts for $80/hr USPHS: (again exact same work just a different pay source and setup) The pay is tricky on this one. I'd be on military pay grade starting at O-3 with expected promotions to O-5 at retirement in 20 yrs. "Salary": ~70k increasing to ~115k over 20 years. PTO: 30 days Sick: "unlimited" just don't abuse it CME: None Retirement: Pension after 20 yrs so age 50 of ~55k per year. PRN: Same as above but as 1099. GI Bill but we aren't having kids and we aren't going back to school. Sent from my SM-G955U using Tapatalk Link to comment Share on other sites More sharing options...
rcardillo Posted June 23, 2017 Share Posted June 23, 2017 That does sound tempting, but I think the downside is the possibility of leaving before reaching the pension. If you decide to leave after 10 years you just sacrificed around 40k a year in salary which is money you could have been investing, etc. I think you would only come out slightly ahead financially if you stayed for 20 years which, to me, is a huge commitment. If the pension was 90k It would be great, but 55k while making a salary in like the 10th percentile is probably not worth it for me. Nevertheless, tough call. Link to comment Share on other sites More sharing options...
boli Posted June 23, 2017 Share Posted June 23, 2017 I would stay in your current position and funnel as much as possible into your 401 or an IRA. If you stay with option A for 20 years you will make between 350-400k more. Invested conservatively you could easily have >1M retirement account compared to 55k/yr. Not easy choice though, money isn't everything. Do you enjoy your current work? Feel actualized? 20 years is a long time to slug it out Link to comment Share on other sites More sharing options...
airslant Posted June 23, 2017 Author Share Posted June 23, 2017 I would stay in your current position and funnel as much as possible into your 401 or an IRA. If you stay with option A for 20 years you will make between 350-400k more. Invested conservatively you could easily have >1M retirement account compared to 55k/yr. Not easy choice though, money isn't everything. Do you enjoy your current work? Feel actualized? 20 years is a long time to slug it outNot doubting it at all but how did you do your math. I'd love to see how others crunch the numbers in detail. Sent from my SM-G955U using Tapatalk Link to comment Share on other sites More sharing options...
jsylte Posted June 23, 2017 Share Posted June 23, 2017 Remember that you get a housing allowance with the Corp. Link to comment Share on other sites More sharing options...
airslant Posted June 23, 2017 Author Share Posted June 23, 2017 Remember that you get a housing allowance with the Corp.That is factored into my numbers. Sent from my SM-G955U using Tapatalk Link to comment Share on other sites More sharing options...
airslant Posted June 23, 2017 Author Share Posted June 23, 2017 That is factored into my numbers. Sent from my SM-G955U using Tapatalk Total pay with base pay, subsistence, housing and special pay $68,576 my first year according to my calculations Sent from my SM-G955U using Tapatalk Link to comment Share on other sites More sharing options...
Moderator ventana Posted June 23, 2017 Moderator Share Posted June 23, 2017 USPHS - might work - but tell them they have to match your current pay - who knows what they might do..... Link to comment Share on other sites More sharing options...
boli Posted June 24, 2017 Share Posted June 24, 2017 Not doubting it at all but how did you do your math. I'd love to see how others crunch the numbers in detail. Sent from my SM-G955U using Tapatalk Sure no problem. I took 115k x 20 years= 2.3M (didn't even factor in annual raise)... for the USPHS job I took 115k-70K= 45k/20years= 2,250 raise per year (obviously this won't be a standard raise but for easy math sake). Summed the totals of this (i.e 70k+72.2K+74.5K....+115k) =1.94M 2.3M-1.94M=360k For the 401k i figured 10% contribution with 4% match over 20 years making 7% with a starting balance of 10k= 700k roughly. Link to comment Share on other sites More sharing options...
Moderator LT_Oneal_PAC Posted June 24, 2017 Moderator Share Posted June 24, 2017 First, the military is getting rid of the pension and going to the blended retirement system where they match contributions to your TSP (like a really good 401k). Second, even if you go into USPHS, there is no guarantee you would make it to O5. Do you know how PAs make it to O5? By quitting clinical work and becoming an administrator. Maybe see clinic 1-2 half days per week by the time you make O5. Even then, few make it that far. <50% in the navy. Granted the USPHS has the most PAs that have made O6, which is only a handful, And the only one to make O7. Third, they are different from other military branches, but still a uniformed service. Do not recommend if doing it for money. You will be unhappy and regret your decision. FYI, that 30 days of leave counts weekends. If you start at O3 because of years of experience then you HAVE to make O5 or you get jack $h1t for pension retirement, unless you do the blended retirement system, which you'll likely be forced into by the time you join, you could have done better in the long run contributing all the extra cash you have now into a 401k. If you start at the normal O2 you could theoretically retire as O4 because if you make it to 18 years, it's an unwritten rule to let you coast out the last 2. Link to comment Share on other sites More sharing options...
Moderator LT_Oneal_PAC Posted June 24, 2017 Moderator Share Posted June 24, 2017 USPHS - might work - but tell them they have to match your current pay - who knows what they might do.....Laugh. https://imgflip.com/s/meme/Good-Fellas-Hilarious.jpg Link to comment Share on other sites More sharing options...
airslant Posted June 24, 2017 Author Share Posted June 24, 2017 First, the military is getting rid of the pension and going to the blended retirement system where they match contributions to your TSP (like a really good 401k). Second, even if you go into USPHS, there is no guarantee you would make it to O5. Do you know how PAs make it to O5? By quitting clinical work and becoming an administrator. Maybe see clinic 1-2 half days per week by the time you make O5. Even then, few make it that far. <50% in the navy. Granted the USPHS has the most PAs that have made O6, which is only a handful, And the only one to make O7. Third, they are different from other military branches, but still a uniformed service. Do not recommend if doing it for money. You will be unhappy and regret your decision. FYI, that 30 days of leave counts weekends. If you start at O3 because of years of experience then you HAVE to make O5 or you get jack $h1t for pension retirement, unless you do the blended retirement system, which you'll likely be forced into by the time you join, you could have done better in the long run contributing all the extra cash you have now into a 401k. If you start at the normal O2 you could theoretically retire as O4 because if you make it to 18 years, it's an unwritten rule to let you coast out the last 2. The pension stops being offered in January. I have been in the application process for 18 months and just have to get the security clearance and medical done now so it "should" just be around 2 more months and I'd be in. I'll start at O-3. I'd love to hear more about PAs and promotions. I really don't know how difficult it is to get a promotion. Sent from my SM-G955U using Tapatalk Link to comment Share on other sites More sharing options...
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