Salaries and Benefits
Salaries
All house staff salaries are determined according to guidelines related to the house officer's year of postgraduate education and the Board requirements for his or her particular specialty. The current salaries are:
R1 $44,500
R2 $45,000
R3 $45,500
R4 $46,000
Chief Residents
Senior residents assume administrative responsibilities for their respective services. A chief administrative resident is an important part of the administration of the residency and works closely with the program director.
Benefits
House staff are entitled to the benefits described below. Further details of plan provisions are contained in the summary description of each plan. The Benefits Office in the Human Resources Department administers these plans. Any questions about these programs should be directed to the Benefits Office at (518) 262-4426.
Health Insurance
The Albany Medical Center Health Care Program is available to house staff immediately upon hire, with the Medical Center paying the cost of individual coverage from the first of the month following the date of hire. The Health Care Program offers coverage under Albany Medical Center Preferred Choice, CDPHP, and MVP.
Residents may select individual or family coverage under any of the alternatives. The difference in the cost of coverage between individual and family coverage will be deducted from your pay, and, if you choose, may be deducted on a pre-tax basis, thus saving you income taxes. Except for life events (e.g., marriage, birth, adoption, divorce, death) or loss of coverage, changes in coverage may only be made during open enrollment.
Dental Insurance
The Albany Medical Center Dental Program is available to house staff immediately upon hire. A portion of the cost is deducted from your pay. If you choose, the cost may be deducted on a pre-tax basis, thus saving you income tax. You may elect individual or family coverage. Except for life events (e.g., marriage, birth, adoption, divorce, death) or loss of coverage, changes in coverage may only be made during open enrollment.
Life Insurance
All house staff who have been employed continuously at Albany Medical Center Hospital for three (3) months are eligible to become insured under the Center's Group Life Insurance Program. It includes an accidental death and dismemberment feature. Each member of the house staff is insured for an amount equal to two times his or her basic annual salary, rounded to the higher $1,000, up to a maximum of $100,000. The cost of this coverage is paid for by Albany Medical Center.
Supplemental Life Insurance
Albany Medical Center Hospital offers a supplemental life insurance program, entitling participants to purchase insurance for themselves and their spouses, dependent children, and dependent grandchildren following six (6) months of employment. The entire cost is deducted from their pay.
New York State Short-Term Disability Insurance
Coverage under this program provides weekly benefits following the completion of the required period of continuous total disability (seven [7] calendar days). The amount of weekly income payable to a disabled individual is 50% of basic weekly earnings up to a maximum of $170 per week. Payments may continue while the employee is disabled for a maximum of 26 weeks.
Long-Term Disability Insurance
Coverage under this program is immediate and paid for by Albany Medical Center. The program provides monthly payments following the completion of the required period of continuous total disability (three [3] months). The amount of monthly income payable to a disabled individual is 66 2/3% of basic monthly earnings up to a maximum of $1,500. Payments may continue until the later of either age 65 or 12 months after the commencement of benefits provided the disability continues.
Pre-Tax Dependent Reimbursement Plan
This Albany Medical Center money-saving plan lowers income taxes and increases spendable income while paying for child care or elder care expenses. Participants decide how much they will spend on dependent care during the plan year, divide it by the number of pay periods in the plan, and arrive at a per-pay period election. A bi-weekly payroll deduction is made on a pre-tax basis and deposited in the Plan's account. Dependent care expenses are reimbursed from these tax-free deposits.
Retirement Program
Albany Medical Center's Retirement program consists of two parts: the Albany Medical Center Retirement Plan and the Tax-Deferred Annuity Plan. Participants are enrolled in the Retirement Plan after reaching age 21 and completing one year of service or upon reaching age 30 provided they work a minimum of 1,000 hours in their first 12 months of employment. Each year of plan membership brings earnings equal to 6 1/2% of earnings. The annual benefit accruals earn interest at a rate established each January by the Pension Benefit Guaranty Corporation (a government agency which also insures the plan). Participants are vested in the program following five (5) years of service as defined by the plan. The Medical Center pays the entire cost of this benefit.
The Tax-Deferred Annuity Plan provides Medical Center employees with the opportunity to supplement retirement Program benefits through tax-deferred annuities. Internal Revenue Service regulations prohibit most members of employee-sponsored retirement plans from having a tax-deductible IRA; however, employees of the Medical Center may participate in a tax-deferred annuity plan. Such plans provide a distinct advantage over an IRA because employees may annually defer up to 20% of their income up to a maximum of $10,000 per year within a tax-deferred annuity.
Additional Benefits
- On-call quarters
- Free housestaff parking
- Lab Coats / Laundry Service
- Vacation (3 weeks per year)
- Book Allowance
- Meal allowance for nights on call
- Family / Personal Leave Policy
