Raise Reminder (and a Correction)

The SHARE pay raise will be reflected in the pay period that begins this weekend. For more details, please see this previous blog post about raises. 

(And apologies that that post needed correcting: due to the Columbus Day holiday at the beginning of that week, the first paycheck to include your new pay rate will come on Friday, October 16th, one day later than we originally printed.) 

Raise Time Is the Time to Evaluate Your Retirement Strategy

With the SHARE raise coming in October, this is a good time to think about starting or increasing your 401K deduction. Some folks choose this time to increase their contribution because they say they won't miss the money as much if the deduction starts at the same time as the raise.

While all SHARE members automatically accrue toward retirement through the Defined Benefit Pension, the UMass Memorial 401k plan allows you to save for retirement, pre-tax, with UMass Memorial contributing too. If you’ve been to a SHARE Retirement Training, you know that experts retirement say we should think of a solid retirement income as a three-legged stool, with the pension serving as one leg, Social Security as a second leg, and your total savings functioning as the third leg.

Though the coming raise is designed to grow your income ahead of inflation, lots of people need that raise to live on. Deciding the save money with the 401K is a tough choice for many SHARE members. The younger you start, the less you have to take out of your check each week to reach your goals.

Memorial CT Technologist and SHARE Executive Board Member Jay Hagan has served as a member of the SHARE team that has negotiated with management about the current retirement benefits. “I think a lot of SHARE members don’t realize they’re leaving money on the table if they don't save through the 401k,” he says. “My financial advisor tells me, 'if you can afford it, the employer-match is really free money.' You could think of it as the hospital paying you to participate. If you don't use the match, it's like giving the money back.”  

UMass Memorial adds $.25 for each dollar you contribute to your 401k, matching up to 1% of your pay. The importance of investment savings increases in 2017, when the hospital will phase-in changes to the pension accrual rate. At that point, the UMMHC match is scheduled to increase to $.50, and up to 2% of your pay.

If you have questions about SHARE’s negotiated retirement benefits, please contact the SHARE office. If you have questions about your own 401k, contact Fidelity Investments at 800-343-0860, or log on to your Fidelity account at www.fidelity.com/atwork.

Raises Are Coming in October

In your October 16th paycheck, you should notice an uptick in your pay. The last of the four SHARE raises negotiated under the current negotiated agreement with UMass Memorial will become effective at the beginning of the 10/3/15 pay period.

The raise averages 3%. It includes two components: an across-the-board raise that all SHARE members will receive, and an increment raise that recognizes all of the SHARE members who have logged another full year of service to the hospital, and keeps everyone moving through their pay grade. More specifically:

• The raise is $.23 + 2% per hour, for an average of 3%. 
• The flat rate of $.23 is an average of 1% for SHARE members, and is added to every SHARE member's base pay. 
• The 2% is added to your base rate if you are below your grade maximum. 
• If you are at or above your grade maximum, you get the 2% as a one-time bonus. 
• The grade minimums and maximums will go up by $.23, to keep up with inflation. The additional 2% moves you up within your grade toward your grade maximum, unless you are already at max.

To read the contract language that describes the raises, look here.

The negotiating team will begin negotiating a new contract in the new year, which will be effective October 2016.

Any questions? Call SHARE at 508-929-4020 and leave a message on the general voicemail. One of the SHARE staff will call you back to answer your questions.

SHARE Raises in October

Raises for SHARE members are scheduled to go into effect on October 5th. (That's a Sunday -- really they go into effect at 11pm on Saturday night, October 4th.) Payroll says that the raises will be in paychecks on October 16th.

For more information about the raise, look here.

Saving for retirement almost painlessly: This is a great time to start a 401K or to increase the amount you have deducted for your 401K. If you start the deduction at the same time as your raise comes, you won't miss the money! (At least not as much.) For more info, register on the Fidelity website, or call Fidelity at 800-343-0860. 

Contract Extension Ratified

Our contract extension is now official. 1,101 SHARE members voted yes, 55 SHARE members voted no. That's a 95% yes vote, for those of you who like to keep track. Thanks to all those who turned out to vote, whichever way you voted -- it's important. And a thanks again to our negotiating team, who worked hard to get this Agreement.

The raise will probably show up in the March 22 paycheck, but we'll let you know as soon as we have that officially confirmed by HR and Payroll.