Benefits
Residents are eligible for the following benefits. Coverage and premium payments under specific plans are subject to alteration from time to time by the Medical Center or the insurance provider.
Vacation - The Resident will be allotted up to fifteen (15) days of vacation to use only during the term of this Agreement. The Director or designee must approve vacation time in writing at least three (3) months before the planned vacation. If vacation days are not used during the term of this Agreement these days will be forfeited.
Sick Leave – The Resident will be allotted six (6) days per year for stipend continuation during the term of this Agreement. Any unused sick time may be extended into another resident contract year. There is no cash value to sick days and they can only be used during the time of employment as a resident physician.
Holidays - Nine paid holidays per year: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Eve, Christmas Day, and two floating holidays. Holidays may not be carried over from one calendar year to the next.
Floating Holidays - Floating holidays must be taken on a scheduled workday and should be approved in advance by the Director. Floating holidays do not carry over from one calendar year to the next. First year Residents may use Floating Holidays prior to completion of six months of employment.
Bereavement Leave - In the event of a death of an immediate family member, the employee is allowed up to three (3) consecutive days off with pay for regular work hours lost (up to 8 hours per day) during the three (3) day period.
Health Insurance Coverage Insurance coverage may be purchased on a pre-tax basis through payroll deduction with credits provided through Valley’s Flexible Benefits Plan. To be eligible for the Plan, employees must hold a budgeted FTE of .6 or more (24 hours/week). Insurance coverage begins the first of the month following date of hire.
Medical Insurance – Current coverage is available through Preferred plans or Group Health Cooperative. Valley pays the dependent premium on the Preferred Copay plan for employees holding a .9 FTE or more.
Dental Insurance – Current coverage is available through Washington Dental Service. A variety of plans are available, including one with orthodontia benefits.
Group Life Insurance – Current coverage is available through Valley’s designated carrier in the amount of $15,000, with an AD&D benefit. Additional life insurance and AD&D may be purchased.
Long Term Disability Insurance – Group coverage is available through Valley’s designated carrier for long term benefits after a 180-day waiting period to age 65. Additional long term coverage may be purchased.
Flexible Spending Accounts - Are available to benefit-eligible employees to fund healthcare and dependent care expenses on a pre-tax basis.
Pension Plan - Eligibility for employer-paid pension plan is age 25 with three years of credited service. Employer contributions and vesting are in accordance with the Plan document.
403(b) and 457 Voluntary Retirement Savings Plans - Employees may immediately participate and defer compensation to both plans.
Valley Medical Center will match 100% of an eligible employee’s 403(b) contributions to a maximum of 3% of eligible compensation. This match commences the first pay period following 90 days of employment and ceases on the earlier of the pay period following 3 anniversary years of employment or when employee contributions cease. Vesting for employer contribution is in accordance with the Plan document.
Professional Liability Insurance - Provided for each Resident position.
Tests - Each calendar year, full and part-time employees are entitled to one CBC, UA and lab portion of a pap smear on physician's orders without cost if done through the VMC lab. The VMC Radiology Department offers a free annual chest x-ray to all employees.
Food Stipend - Breakfasts are provided for ward team members (OB and med-peds) who must come into the hospital early in the morning to round. Breakfast, lunch, and dinner are provided for ward team members who are on-call. Paychecks are automatically adjusted to cover resident meal costs. Residents on inpatient rotations receive an additional $189 a month. R1s and R2s on outpatient rotations receive an additional $63 a month. R3s on outpatient electives receive an additional $50 a month.
Continuing Medical Education - First-year residents may request up to three days of CME time. Second- and third-year residents may request up to five days of CME time a year. The CME stipend is $2000 for the 3 years. Formal CME activities are encouraged but residual funds may also be used for personal reference materials.
This position is a salaried, exempt position.
This document is a convenient generalized summary and in no way replaces or supercedes the Summary Plan Description for each benefit. Valley Medical Center is a tobacco-free environment.