Postgraduate Year One (PGY-1) Pharmacy Residency

Salaries and Benefits

Salaries for 2010-2011 (effective July 1, 2010)
PGY-1 $47,000

Health Insurance
Resident may choose from seven (7) health plans. The plans range from those which provide first dollar coverage to those with coinsurance and deductibles including a prescription drug benefit. The premium cost is shared between the employee and the Clinic. The employee's share of the premium is paid through payroll deduction and can be paid with pre-tax dollars through the Premium Conversion Plan. Coverage is effective on the first of the month following employment, if enrolled within 31 days of employment.

Dental Insurance
Resident may choose from three (3) dental plans. Coverage is effective on the first of the month following the date of hire, if enrolled within 31 days of employment. The premium cost is paid 75% by the Clinic for two of the dental plans, while the Group Health Dental premium is slightly higher for the employee. The employee's share of the premium is paid through payroll deduction and can be paid with pre-tax dollars through the Premium Conversion Plan. Note: Two of the three plans limit services to a specific group of dentists.

Group Term Life Insurance / Additional Voluntary Term Insurance / Travel and Accident Insurance
The Clinic provides a group term life insurance program effective the first day of the month following employment as a benefit status employee. The life insurance amount is a multiple of salary (1.5). The benefit is rounded up to the next $5,000 increment, not to exceed $200,000. Additional term life insurance and voluntary accidental death and dismemberment insurance may be purchased by the employee for themselves, their spouses, and children at reasonable rates. The Clinic provides $150,000 of travel and accident insurance coverage while an employee is traveling on Clinic business.

401(k) Plan
In addition to the retirement plan, Marshfield Clinic has established a tax-deferred savings account. Eligibility requirements are: age 21, and benefit status or worked 1000 hours in a year. Upon eligibility, you may elect to set aside up to 100% of your salary on a tax-deferred basis subject to IRS limitations, i.e.; 2008 annual maximum = $15,500. The Clinic matches the first 4% of those savings 25 cents on the dollar. Your money is invested according to the investment options you select. A loan option is also available.

Retirement Plan
The Clinic fully funds a retirement plan for employees after they meet the eligibility requirements: 2 years of employment and age 21. (A year of eligible employment is any year during which the employee works 1000 hours of more). Once an employee has met the eligibility requirements, they are 100% vested. The Clinic contributes 11% of compensation + 5.7% over social security wage base up to $200,750 of annual income. (Example: $110,000 annual income and $97,500 2007 social security wage base: $97,500 x 11% = 10725 + (110,000 - 97,500) 12500 x (11% + 5.7%) 16.7% = 2087.50 for a total of $12,812.50 annual contribution). Your money is invested according to the investement options you select.

Section 125 Medical Flexible Spending Account (MEFSA)
A MEFSA allows the employee to set aside pre-tax dollars to cover medical expenses not payable by insurance, such as the health and dental plan deductibles or co-pays, prescription drugs, eye glasses, etc.

Section 125 Dependent Care Plan
As with MEFSA, employees may elect to pay for qualifying dependent care expenses with pre-tax dollars.
Under both MEFSA and DCP, employees have 31 days to enroll from either the date of employment, assigned benefit status, a qualifying family event, or on the first of each year.

Paid Leave Account
Vacation and short-term sick leave are combined into one paid leave account. The paid leave account is earned on a calendar year basis, based on length of service and average budgeted hours. Paid leave is prorated for part-time employees based on average budgeted hours, any fractional year for new hires, unpaid leaves of absence, while receiving short-term or long-term disability or terminations.
Years of Service: 0 - 9 Total Days: 21

Holidays
Marshfield Clinic observes 6.5 holidays. Holiday time is based on the position's average budgeted week, i.e.; 40 hours per week = an 8 hour paid holiday, 20 hours per week = 4 hour paid holiday. Holiday time is rounded to the nearest half or full day for part-time salaried employees. Holidays are not additional days of vacation or floating holidays unless an employee is required to work on the holiday or is required to be on call on the holiday. To be eligible for holiday pay, you must be in active employment status on the normal workday preceding and following the holiday.

Short-Term (Insured) Sick Leave
Residents are eligible the first of the month following start/benefit-eligibility date. A 100% benefit (based on average weekly salary) is payable after a 5-calendar day elimination period. Maximum benefit period is 13 weeks. Benefits are subject to approval by Standard Insurance Company, Portland OR.

Long Term Disability (LTD)
Residents are enrolled in a long-term disability insurance program. The effective date of coverage is the first of the month following employment as a benefit status employee. The premium is paid by the Clinic. Benefits begin after 90 calendar days of disability and may continue up to age 65. It provides up to a maximum of 66.67% of a person's gros income.

Employee Education and Development
Marshfield Clinic intends to support employee development through ongoing education and development activities. In-house training programs are offered in a variety of technical, professional, managerial, and personal development areas. Off-site education opportunities may also be available through the Clinic's meeting and development reimbursement program and tuition assistance program.

Employee Assistance Program (EAP)
Marshfield Clinic staff, employees, and their immediate families may utilize the Clinic's internal EAP for assistance and referral for personal concerns and challenges. The program is voluntary and confidential.

Work/Life Program
To be successful on the job, it is necessary to recognize and support the whole person. Work/Life's goal is to bridge the gap between employees' work and personal lives by providing resources on Child Care Programs, Lactation Services, Adoption, Teen and Elder Care Information, Convenience Services, Wellness Programs, Fitness Club Memberships, etc.

Relocation Assistance
Allowed up to $2500

This summary is designed to acquaint you with general information about some current employee benefits. More information regarding the benefits are addressed in the Clinic's Policy and Procedure Manual, Employee Handbook, and Summary Plan Documents. Marshfield Clinic reserves the right to revise, supplement, or rescind any policies from time to time as it deems appropriate, in its sole and absolute discretion. Employees will be notified of changes through memos and in-house publication.