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.
