Retirement

Our team members’ financial health is very important to us. That’s why we offer a 100 percent paid pension 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 close to or of retirement age also have the option to attend our retirement planning sessions. These sessions help you understand your retirement benefits. BJC employees who will be 55 or older in 2018 are invited to register and attend, along with their spouse or significant other. Registration for 2018 sessions is now open. For session topics and the time, date and location most convenient to you, view the 2018 schedule. To register, log in to SABA using your BJC network ID and password. You will be taken directly to the Retirement Planning Sessions registration page on SABA. Please note that SABA works best when you use Google Chrome as your browser.

In 2018, 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. Attend the webinars from any location, using a computer, tablet or smartphone.

See the schedule, webinar description and link to webinar registration here >> 

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; (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 make additional contributions if you are 50 or older
  • You can change your contribution percentage at any time
  • You can set an automatic annual increase to your 401(k) contributions - Learn more

Eligibility

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.

Enrolling

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.

Matching Contribution

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:
1% 1%
2% 1.25%
3% 1.50%
4% or more 1.75%
  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.

Resources

For more information on the BJC 401(k) and 403(b) plans, select your BJC 401(k) Vanguard desktop icon or go to the Vanguard website and log in to your account. You can also call Vanguard 800.523.1188. The BJC 401(k) Plan number is 093371. For more details on the BJC 401(k), see the 401(k) Summary Plan Description. For more details on the BJC 403(b), see the 403(b) Summary Plan Description.

Will You Outlive Your Retirement Savings?

FAQ Quick Videos

Videos are approximately three and a half minutes or less.

What are the basics I should know about the BJC 401(k) Plan?
What are my investment options in the 401k plan?
What are the 401(k) contribution rules, loans and hardship withdrawals?

 

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

Participation

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.

Vesting

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.

Resources

If you have questions regarding the BJC Pension Plan, contact the BJC Retirement Service Center at 800.713.2854, 7 a.m.-5 p.m., Central, Monday-Friday.

Visit the BJC Pension website to:

  • Estimate your benefit
  • Access planning tools, such as the Pension Estimator
  • Initiate your pension benefit when you’re eligible and ready to retire

Will You Outlive Your Retirement Savings?

FAQ Videos 

Select a question to view the video answer. Videos are approximately three minutes or less.

BJC Pension Basics

What are the basics I should know about the BJC Pension Plan?
How do I become a participant in the BJC Pension Plan?
How do I become vested in the BJC Pension Plan?

Finer Points of the BJC Pension Plan

How is the BJC pension account calculated?
How do I name a beneficiary for my BJC pension?
Does the pension plan have a disability benefit?
What forms of monthly payment are available in the BJC Pension Plan?
What is the Level Income Option in the BJC Pension Plan?

Getting Close to Retirement

What steps are involved in retiring and collecting my BJC pension?
Once I elect to start receiving my BJC pension, when will payments actually begin?
Can you tell me about Medicare paperwork when I retire from BJC?

Social Security FAQ Videos

How do I decide when to collect Social Security?
What are some basics of Social Security?