Residency Program Stipend and Benefits
4th Year and OB Fellow
Benefits for the 2012-2013 Academic Year
A monthly housing allowance will be provided in the amount of $650.
Meals are provided to residents in the hospital cafeteria without charge (also to families of residents on call).
The hospital provides residents with two white lab coats the first year and each subsequent year as needed for use within the hospital.
Residents receive 18 working days of paid vacation each year.
The hospital recognizes six (6) holidays annually. These include: New Year’s Day; Memorial Day; Independence Day; Labor Day; Thanksgiving Day and Christmas Day. Residents who work a holiday may choose another day as per Policy #2.36 in the Residency’s Policy & Procedure Manual. Reciprocal coverage will be made by other residents.
Residents may be absent from the Program with pay for up to five (5) days per academic year for attendance at extramural medical education seminars as approved by the designated Director. A maximum of $1,500 per academic year is provided for these educational expenses.
Residents receive a brand new top-of-the-line wireless laptop computer and Pocket PC (handheld computer). These items belong to the resident upon completion of the residency.
The hospital will provide moving expenses up to $1,250.
Residents are eligible for salary continuance while under a physicians care, a benefit provided by the hospital. Additional leave may be taken by using vacation time, or as a leave of absence pending approval of the Residency Directory (per policy #2.19). Pertinent ABFM policies also apply.
Personal leave and adoption leave for adoptive parents may be taken using vacation. Additional time taken as a leave-of-absence without pay may be arranged per policy #2.19. Pertinent ABFM policies also apply.
Residents are eligible for salary continuance, a benefit provided by the hospital.
Leave-of-Absence without pay may be available for such reasons as medical disability or personal emergency, provided such leave is approved by the Director of the residency program, in accordance with Policy #2.19. Pertinent ABFM policies also apply.
The hospital will provide each resident and his/her spouse and family up to age 19 (age 23 if a full-time student) with a group medical, dental and vision insurance plan without cost to the resident. Such insurance shall commence on the first day of the month following the month during which the resident begins his/her training period.
Professional Liability Insurance
The hospital’s general liability insurance policy provides coverage for each resident while he/she is acting within the scope of his/her hospital duties. The resident is also insured for medical practice activities performed outside the scope of the residency program (i.e., “moonlighting”) if, and only if, the activity is within the Memorial Health System.
Life and Long Term Disability Insurance
The hospital will provide life insurance to each resident. Coverage will be one and one-half times his/her annual salary. Permanent long-term disability insurance for the resident will also be a benefit provided by Memorial. Eligibility for long-term disability shall begin the first of the month following the month training begins. Payments begin on the 91st day of disability and provide for 60 percent of the resident’s monthly salary (up to $15,000 per month) and will continue until the resident turns age 65.
Optional Life and Dependent Optional Life Insurance
The resident has the opportunity to purchase low-cost term life insurance up to $200,000 in increments of $10,000. (Amounts over $50,000 require a health statement.) The resident has the opportunity to purchase life insurance for the family. This coverage is in the amount of $10,000 for each family member over the age of 6 months.
Health & Lifestyle Center
The hospital will provide each resident with an Adult Physical Fitness Membership at the Health & Lifestyle Center. Membership includes use of a weight room, lap pool, stationary bicycles, rowing machines, racquetball courts, and aerobics classes. Family memberships are made available at a discounted rate. Additionally, residents may use the Physicians’ Workout Room at the hospital free of charge.
Rewards for Savings Plan
The resident is eligible to immediately have any percentage deducted on a before-tax basis from his/her pay to be sent to a 403(b). There is 100 percent vesting in Memorial matching monies after 3 years of 1,000 hours of service. For those who qualify, the match is sent semi-annually to 401(a) account.