Retirement Plan Program
10.15 University Retirement Program
Employees of Bastyr University are able to schedule their retirement from University service according to their own unique needs and lifestyles and are encouraged to take an active role in planning for post-retirement income. To assist them in this effort, the University has established a two-part Retirement Program. Human Resources offers limited counseling services regarding the options available through the University Retirement Plan and will make referrals to investment professionals who offer in-depth planning services.
10.15.1 403(b) Defined Contribution Retirement Plan
Effective January 1, 1992, Bastyr University offers a 403(b) Defined Contribution Retirement Plan to eligible employees. Eligible employees shall have attained the age of 21, shall work a minimum of 1000 hours per year (19.23 hours per week), excluding students and faculty working less than 20 hours/week, and shall have a minimum of one year of service at 1000 hours per year or greater. The University will contribute 6% of an enrolled employee's gross monthly toward the annuity program of choice offered by Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF). Participating employees are vested immediately upon enrollment. Enrollment materials and plan documents are
available in Human Resources.
10.15.2 Supplementary Retirement Account Plans
Effective February 1, 1992, Bastyr University offers all employees the opportunity to defer up to the maximum dollar limit allowed by the Internal Revenue Code annually through a 403(b)(7) Tax Sheltered Account (TSA) retirement plan. Investment options are currently offered by TIAA-CREF, which offers socially responsible investment options as well as more traditional investment vehicles. Employee contributions from enrolled employees are made on a monthly basis through salary reduction using pre-tax dollars. Interest earned is tax deferred until retirement. Information and enrollment materials are available from Human Resources.