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. 

Thinking about retirement? Contact the Retirement Service Center at 1-800-713-2854 to learn about next steps. You may also visit the HR Hub. 

 

401(k) and 403(b) Plans

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

Eligibility

All BJC employees, including PRN, are eligible to participate in the 401(k) Plan when first hired. There are no age or service requirements to participate. 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. The 403(b) plan provisions are identical to the 401(k) plan (i.e., enrollment, contributions, company match and vesting), except for some of the investment fund options.

Enrollment

  • New employees are eligible for the 401(k) plan on their hire date. To enroll, visit Fidelity.
  • If you don’t make an election or opt out of the plan within 31 days of your hire date, you will be automatically enrolled in the 401(k) plan with a 4% pre-tax deferral. New employees that do not set up an automatic annual increase on their account, will be automatically increased by 1% every July until you reach a 10% cap or opt out of the automatic increase.
  • You can start, stop, or change your contributions to the 401(k)/403(b) plan at any time on the Fidelity website.
  •  You may choose to contribute on a pre-tax basis, a Roth (after-tax) basis, or a combination of both.

Contributions/Participation

  • You can choose a percentage between 1-100%.
  • The maximum contribution you can make in 2024 is $23,000.
  • If you are or will be age 50 or older during the current year, additional catch-up contributions up to $7,500 are permitted for a maximum contribution of $30,500 in 2024.
  • You can change your contribution percentage at any time, by visiting Fidelity. You can set an automatic annual increase to your 401(k)/403(b) plan contribution.

Company Match and Vesting

  • BJC will match up to a maximum of 1.75% on the first 4% of employee pre-tax and Roth contributions combined.
  • Employees are always 100% vested in their contributions.
  • Employees are 50% vested in company matching contributions after 1 year of service and 100% vested after 2 years of service.

Investments, Rollover and Loans

  • Employees 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 at Fidelity.
  • The 401(k)/403(b) plan will accept eligible rollovers from a former employee's qualified plan.
  • Active employees with a vested account balance of $2,000 or more may take a loan from their account, subject to 401(k)/403(b) plan terms and conditions.

To view Frequently Asked Questions, visit the HR Hub (accessible with BJC network ID).

Resources

BJC Pension Plan

BJC offers a pension plan benefit to help provide income during retirement 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 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 months 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 they are now “eligible” to begin accruing a benefit.

In general, if you are an employee at Alton Memorial Hospital, Parkland Health Center, or Memorial Hospital you are not eligible for the BJC Pension Plan.  View the 403(b) Non-Matching Employer Contribution tab.

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 that are vested in the pension 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.

If you die before you retire, and are vested in the pension 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, request a pension benefit estimate or a final pension calculation, visit the Retirement Service Center or call 800-713-2854.

To view Frequently Asked Questions and the BJC Pension Plan Payment Options, visit the HR Hub.

403(b) Non-Matching Employer Contribution

For Employees at Alton Memorial Hospital, Memorial Hospital, and Parkland Health Center

In addition to matching contributions 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 Alton Memorial Hospital, Memorial Hospital and Parkland Health Center, or those employees who transfer from any such entity to another BJC Health Services Organization (HSO) on or after September 1, 2016.

Eligibility

  • Employees who are eligible for 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, employees must be age 21 or older, have completed at least one year of service, and must work at least 1,000 hours of service during the 12-month period that ends on the anniversary of their employment date. Employees must also be employed on 12/31 to receive the contribution for that year.

Enrollment

  • Enrollment is automatic and the benefit is administered by Fidelity.

Employer Contribution

  • If you meet all the eligibility requirements, you will receive an annual 403(b) Non-Matching Employer Contribution equal to 4% of your prior year’s eligible earnings by BJC.
  • The funds are deposited in the first quarter of the following year.

Vesting

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

Investments, Rollover and Loans

  • Employees 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 at Fidelity.
  • The 403(b) plan will accept an eligible rollover from a former employee’s eligible retirement plan or an IRA.
  • Active employees with a vested account balance of $2,000 or more may take a loan from their account, subject to 403(b) plan terms and conditions.

To view Frequently Asked Questions, visit the HR Hub.

Resources

Financial tools and support

Fidelity provides resources to help you strengthen your financial health.

Take advantage of Fidelity’s free consultation with a Fidelity Financial Consultant. Call 800.343.0860.​​​

Fidelity also offers personalized planning & advice. Fidelity’s team of investment professionals will invest, monitor, and rebalance your account as needed to adjust to changes in the market, or changes to your situation. If you use this service, the advisory fee is estimated not to exceed 0.35% per year of your average daily managed account balance and is deducted quarterly. Call 866-811-6041 for more information.

You will also want to check out Fidelity’s tools and resources, with free information on budgeting, saving, paying down debt, and planning for your retirement. Explore these topics at your leisure. No Fidelity login required.

While logged in with Fidelity, you may also want to view the Plan & Learn collection of financial resources.  It includes free articles and interactive workshops.  Tools are available to help you create an investment strategy and goals.  Fidelity Life Events can help you navigate your way through life with financial information to help you make smart decisions about how to plan, adapt and afford whatever life throws at you.