Our team members’ financial health is very important to us. That’s why we offer a 100 percent paid pension plan or a 403(b) offering (for those hospitals and health service organizations that do not offer the BJC Pension Plan). The longer your service with BJC, the more you will benefit from your pension or 403(b) when you retire. BJC also offers a 401(k) and a Roth 401(k), both with numerous investment options through Vanguard.
Team members nearing retirement have the option to attend BJC's Retirement Planning Sessions, designed to help you better understand your retirement benefits. Spouses or significant others are also invited to attend.
All BJC team members can take advantage of BJC's Financial Education Series webinars, designed to give you more confidence when making important financial decisions. These webinars are held quarterly and are free.
401(k) and 403(b) Plans
The sooner you start saving, the better your financial future will be. BJC HealthCare offers several retirement plan options. Your eligibility is dependent on which hospital or health service organization you work for within BJC. Options include 401(k) or 403(b) defined contribution offerings administered by Vanguard.
BJC 401(k) Plan
Features of the BJC 401(k) Plan:
- The contributions you select are automatically deducted from your paycheck on a pre-tax basis
- ROTH 401(k) option: contribute to your retirement account on an after-tax basis - Learn more
- BJC makes matching contributions of up to 1.75 percent; to receive the full match, you must contribute at least 4 percent of your pay on a pre-tax basis. There are no matching contributions on Roth contributions. (Not all BJC hospitals and health service organizations are eligible for employer matching contributions)
- Investment choices include Target Date funds that automatically adjust your investments as you get older
- You can rollover money from a prior employer's eligible retirement plan
- You can contribute a maximum of $19,000 in 2019
- If you are 50 or older, additional catch-up contributions of $6,000 are permitted for a maximum contribution of $25,000 in 2019
- You can change your contribution percentage at any time
- You can set an automatic annual increase to your 401(k) contributions - Learn more
As of January 1, 2015, all BJC hospitals and other health care entities affiliated with BJC have adopted the plan and are participating employers
PRN and part-time employees are also eligible to participate in the BJC 401(K) Plan.
BJC uses automatic enrollment in the BJC 401(k) Plan. New hires are automatically enrolled with a 4 percent contribution rate, unless they take action to reduce, or increase this contribution, or opt out. (Auto enrollment does not apply to Memorial Hospital Belleville, Memorial Hospital East and Memorial Medical Group employees who joined BJC prior to Jan.1, 2017.)
If you are not currently enrolled, you have three different ways to enroll:
- Enroll on the Vanguard website. You will be prompted on how to enroll in the plan. You will need your Social Security Number, ZIP code, date of birth, and the unique number assigned to the plan by Vanguard, 093371.
- Call Vanguard’s 24-hour automated VOICE Network toll-free 800.523.1188. You will need your Social Security Number and a personal identification number (PIN). Please contact Vanguard to have one mailed to you.
- Speak with a Vanguard Participant Services Associate at 800.523.1188, 7:30 a.m.-8 p.m. Monday-Friday.
When you make pre-tax contributions of at least 4 percent of your eligible earnings, BJC will contribute an amount equal to 1.75 percent of your eligible earnings. For example, if you earn $50,000 and contribute 4 percent of your pay throughout the year, you will contribute a total of $2,000 and BJC will contribute a total of $875. That’s a total annual contribution of $2,875. (Not all BJC hospitals and health service organizations are eligible for employer matching contributions.)
|If you're a match-eligible employee and you make a contribution from your eligible earnings equal to:
||Your BJC matching contribution will be:
|4% or more
||The maximum matching contribution is 1.75%
BJC 403(b) Plan
The BJC 403(b) Plan is a defined contribution plan and is in place to provide an additional retirement offering for our Parkland Health Center, Alton Memorial Hospital and Memorial Hospital employees. This plan provides an annual contribution of 4 percent of eligible earnings to all eligible employees. This plan is designed to supplement the personal investments made by employees in the 401(k) plan (along with the BJC match at eligible locations) to better support retirement goals. This plan is also administered by Vanguard and enrollment is automatic.
BJC Pension Plan
Pension plans are a lifetime benefit to employees. The longer you give your service to BJC, the more you will benefit from your pension when you retire. Not all BJC hospitals and health service organizations participate in the BJC Pension Plan. BJC hospital and health service organizations that do not offer the BJC Pension Plan, provide a 403(b) retirement offering.
Pension Plan Overview
- Provides you with a monthly income for life during your retirement years, and is 100 percent funded by BJC; there are no employee contributions to this plan
- Where offered, it is generally available to all employees working 20 hours or more per week
- Your retirement benefit builds up or accrues as your years of employment with BJC increase
In general, eligible employees automatically become a plan participant on the January 1 or July 1 following the date they:
- Are employed one year
- Are 21 years of age or older
- Have worked at least 1,000 hours in a 12-month period
For more details on participation, see the BJC Pension Plan Summary Plan Description.
Being vested in the plan means you have a right to benefits from the plan even if you leave the company before you reach retirement age. You earn one year of vesting service for each plan year (W-2 year) in which you are credited for at least 1,000 hours. You need five separate plan years in which you have been credited with 1,000 or more hours in each year in order to be vested.
For more details on the BJC Pension Plan, see the Summary Plan Description.
Financial Education Series
This webinar-based series will help you feel confident about making important financial decisions related to:
- Your track to retirement
- Key retirement milestones
- Reducing debt and saving more
- Creating your retirement plan
In 2019, BJC HealthCare continues to partner with Vanguard, BJC’s 401(k) and 403(b) plan administrator, to bring you a free, webinar-based education series aimed at strengthening your financial health. The webinars are accessible from any location, using a computer, tablet or smartphone.
See the full schedule, webinar descriptions and link to webinar registration.
Retirement Planning Sessions
BJC Retirement Planning Sessions (RPS) are designed to help you better understand your retirement benefits. Team members who will be 55 or older in 2019 are invited to register and attend, along with their spouse or significant other.
BJC Retirement Planning Sessions are hosted by the BJC retirement team and partners from:
- Vanguard: BJC’s 401(k) and 403(b) plan administrator
- The Social Security Administration
For session topics and the time, date and location most convenient to you, see the 2019 RPS schedule.
To register, log in to SABA using your BJC network ID and password. You will be taken directly to the RPS registration page on SABA. Please note that SABA works best when you use Google Chrome as your browser.
Contact Retirement Benefits@BJC.org with any questions.