Retirement and Financial Planning

BJC offers several retirement plan options, including a 401(k) plan and either a pension plan or a 403(b) plan, depending on where you work. BJC also provides tools to help you make financial decisions today, while preparing for tomorrow.

 

401(k) and 403(b) Plans

BJC HealthCare offers a 401(k) or 403(b) savings plan to help you save for retirement. Most employees are eligible to participate in the 401(k) plan, administered by Vanguard.

BJC 401(k) Plan

Eligibility

If you are an employee of a BJC hospital or other entity that participates in BJC's 401(k) program, then you are eligible to participate as well. There are no age or service requirements to participate.

Enrollment

You are eligible for the 401(k) plan starting on your hire date. To enroll, go to www.vanguard.com/enroll. Enter your information and then click “Begin Enrollment”. You will need your social security number, date of birth, and BJC 401(k) plan number: 093371. Or enroll by phone at 1-800- 523-1188.

  • If you don’t make an election or opt out of the plan within 30 days of your hire date, you will be automatically enrolled in the 401(k) with a 4% pre-tax deferral. You can start, stop, or change your contributions to the 401(k) at any time on Vanguard’s website. You may choose to contribute on a pre-tax basis, an after-tax (Roth) basis, or a combination of both.

Contributions/Participation

  • You can choose a percentage between 1-100%.
  • The maximum contribution you can make in 2022 is $20,500.
  • If you are or will be age 50 or older during the current year, additional catch-up contributions up to $6,500 are permitted for a maximum contribution of $27,000 in 2022.
  • You can change your contribution percentage at any time on the Vanguard website: www.vanguard.com/retirementplans.
  • You can set an automatic annual increase to your 401(k) contribution.

Company Match and Vesting

BJC will match up to a maximum of 1.75% on the first 4% of your pre-tax contributions. There is not a match on the Roth contributions. You are always 100% vested in your contributions. You are 50% vested in company matching contributions after 1 year of service and 100% vested after 2 years of service.

Other

You have numerous investments to choose from, including Target Date funds that automatically adjust your investments based on the year you will turn age 65. Investments can be changed at any time on the Vanguard website.

The 401(k) Plan will accept eligible rollovers from a former employer's qualified plan.

Those who have a vested account balance of $2,000 or more may take a loan from the Plan, subject to terms and conditions in the Plan.

BJC 403(b) Plan

Eligibility

Certain Highly Compensated Employees (HCE) of BJC may be eligible to participate in the 403(b) Plan, instead of the 401(k) Plan. These employees are identified at the end of every calendar year, based on final eligible earnings.

Enrollment

You can start, stop, or change your contributions to the 403(b) at any time on Vanguard’s website. You may choose to contribute on a pre-tax basis, an after-tax (Roth) basis, or a combination of both.

Contributions/Participation

  • You can choose a percentage between 1-100%.
  • The maximum contribution you can make in 2022 is $20,500.
  • If you are or will be age 50 or older during the current year, additional catch-up contributions up to $6,500 are permitted for a maximum contribution of $27,000 in 2022.
  • You can change your contribution percentage at any time on the Vanguard website.
  • You can set an automatic annual increase to your 403(b) contribution.

Company Match and Vesting

BJC will match up to a maximum of 1.75% on the first 4% of your pre-tax contributions. There is not a match on the Roth contributions.

You are always 100% vested in your contributions. You are 50% vested in company matching contributions after 1 year of service and 100% vested after 2 years of service.

Although your contributions for HCEs will be deposited into the 403(b) Plan, please note that any company matching contributions will be deposited in the BJC 401(k) Plan.

Other

You have numerous investments to choose from, including Target Date funds that automatically adjust your investments based on the year you will turn age 65. Investments can be changed at any time on the Vanguard website.

The 403(b) Plan will accept eligible rollovers from a former employer's qualified plan.

Those who have a vested account balance of $2,000 or more may take a loan from the Plan, subject to terms and conditions in the Plan.

Employees of Parkland Health Center, Alton Memorial Hospital and Memorial Hospital

In addition to contributing to the 401(k) or 403(b) retirement plans, an annual Non-Matching Employer Contribution is made into the 403(b) Plan for eligible employees at Parkland Health Center, Alton Memorial Hospital, Memorial Hospital, Memorial Hospital-East, Memorial Medical Group or those who transfer from any such entity to another BJC affiliate on or after September 1, 2016.

Eligibility

Those who are eligible to participate in the BJC Pension Plan are not eligible for the annual Non-Matching Employer Contribution to the 403(b) Plan. To be eligible for the annual Non-Matching Employer Contribution, you must be age 21 or older, and certain service and hour requirements must be met as defined by the Plan.

You must be employed at least one year before you are eligible. You must work at least 1,000 hours of service during the 12-month period that ends on the anniversary of your employment date and be employed on Dec. 31 to receive the contribution for that year.

Enrollment

Enrollment is automatic and the benefit is administered by Vanguard.

Contributions

If you meet all the eligibility requirements, you will receive an annual Non-Matching Employer Contribution equal to 4% of your prior year’s eligible earnings. The funds are deposited in Q1 of the following year.

Vesting

You are 100% vested in the employer contributions after you have completed three years of service, with 1,000 hours in each of those years.

Other

You have numerous investments to choose from, including Target Date funds that automatically adjust your investments based on the year you will turn age 65. Investments can be changed at any time on the Vanguard website.

The 403(b) Plan will accept eligible rollovers from a former employer's qualified plan.

Resources

BJC Pension Plan

BJC HealthCare offers a pension plan benefit to those who meet eligibility. Your eligibility is dependent on which hospital or health service organization you work for within BJC. BJC pays all the costs related to the pension plan.

Eligibility

If eligible, you are automatically enrolled in the pension plan on January 1 or July 1, following the date you meet both of these requirements:

  • You are 21 or older, and
  • You have completed 1,000 hours of service during your first 12 consecutive months of employment. If you do not complete 1,000 hours during your first 12 month of employment, you will be considered eligible in the first subsequent plan year in which you complete 1,000 hours.
    • Example: Employee is hired on February 15. Employee works 1,000+ hours from February 15 - February 14 (of the following year). Employee will be eligible for the pension plan on July 1. At this point, employee is now “eligible” to begin accruing a benefit.

In general, if you are an employee at Parkland Health Center, Alton Memorial Hospital or Memorial Hospital you are not eligible for the BJC Pension Plan. See 401(k)/403(b)  for more information on retirement benefits you are eligible for.

There are 3 main factors that affect your pension benefit:

  • Your compensation each year you are eligible
  • Your years of benefit service (after you meet eligibility)
  • Whether or not you are vested in the pension plan at the time of termination/retirement

Once eligible, benefits accrue for each year of vested service. A year of service is considered a “vested” year if you have worked/completed at least 1,000 hours of service in a plan year. Once you have completed 5 “vested” years of service, you become 100% vested in the pension plan. Your pension benefit is calculated using a formula based on your pay and your years of benefit service with BJC.

Retirement

  • Normal retirement date is age 65. However, if you retire between the ages of 55 and 65 you may begin receiving your pension benefit, provided you have met the 5 years of vesting service. Employees who retire after the age of 65 must begin their benefit at that time.
  • Employees who are vested in the plan but terminate employment from BJC prior to age 55 will have their benefit deferred and may begin to receive the benefit between the ages of 55 and 65.
  • Employees who terminate prior to becoming 100% vested are not eligible to receive a pension benefit, regardless of age.

Payment Options

You have several options of how to receive your pension benefit when you retire. Your monthly pension benefit amount will vary, depending on which option you choose. Each option may have a different monthly benefit, since the length of time you may collect your benefit may be longer or shorter, depending on the payment option you choose. Please review each option carefully and contact the Retirement Service Center for more details.

Once your pension benefit payments begin, your payment option cannot be changed. If you die before you retire, and are vested in the Plan, your designated beneficiary may be entitled to a survivor benefit. If you have no beneficiary on file, the remaining benefit is forfeited.

  • To designate a beneficiary, contact the Retirement Service Center at 1-800-713-2854 or go online at www.mybjcpension.org.
  • To request a pension benefit estimate or a final pension calculation contact the Retirement Service Center at 1-800-713-2854 or go online at www.mybjcpension.org.

Financial tools and support

BJC provides tools to help you strengthen your financial health.

Through Enrich® you can access financial coaching services and online learning technology customized to your personal needs and goals, all at no cost to you.  Topics include retirement planning, budgeting, managing debt and more. Visit BJC.Enrich.org to get started.

You also can take advantage of BJC’s Financial Education Series webinars offered through Vanguard, which are designed to support you when making important financial decisions, investing, reducing debt and more. These webinars are held monthly and are free to attend.​​​